The diversified group put the project on the market in
2015, expecting to complete it by October 2016.
But those who purchased the residential stands at a price
of US$12 600 have expressed disgruntlement with the group for failing to
deliver on their promise eight years later.
CFI asked for a deposit of US$4 410 and monthly instalments
of US$747,09 for 12 months; US$401,01 for 24 months and US$287,94 for 36
months.
Aggrieved customers who spoke to The Herald Finance and
Business said efforts to engage the group were fruitless, as it had failed to
give constant and satisfactory updates on the developments, alternatives or
compensation.
“I am one of the many people who got excited about the news
of a housing project by a big company and I went on to purchase a Suncrest Park
stand from CFI for US$12 600.
“Sadly, to date, CFI has not delivered on that project and
follow-ups through their offices have not yielded any tangible answers,” said
one Dr Hamilton Kakwere.
“Right now, CFI claims the land was invaded (by illegal
occupiers) while under development and they got a court order to remove the
settlers back in 2018/19 but up to now they have not removed the invaders. Removing
invaders when you have a court order is like a walk in the park, easy as you
like but they have not done it. Why?” queried Dr Kakwere. Suncrest Park was put
on the market in 2015 comprising 635 high-density residential stands, with an
average size of 300 square metres situated along Amalinda road, South-West of
Harare City Centre.
The project is basically an infill residential development
as it extends southward of the already established Glen View 7 residential
township, which lies northward of Amalinda road and separates these two
developments.
According to the project profile, the proximity of
established servicing infrastructure like the Amalinda Road, which links the
project to routes to the Harare city centre, and a trunk sewer pipe running through
the boundary of the project confirms its status as an infill development. CFI
promised the market the project would have services such as tarred access roads
and storm water drains, sewerage and water reticulation systems.
The group indicated in 2015 that “servicing of roads, sewer
and water reticulation are already being deployed on the 27-hectare estate and
we estimate that the project will be fully completed by October 2016.” CFI
recently indicated that it planned to develop houses for Harare’s low end
market, as part of initiatives to reduce the current huge housing backlog in
the capital.
Group chairperson Itai Pasi said this will be one of the
group’s key priority areas this current financial year.
“Priority will also be given to the development of low-cost
housing delivery in Harare South in support of Government’s Vision 2030 on
housing,” she said in an update for the year to September 30, 2022.
At Suncrest Park, she said, the group progressed
preparations of title surveys and completion of engineering drawings while
legal proceedings remained pending before the relevant tribunals for Langford
Estates.
However, news of more residential developments by the group
have irked prospective home owners who bought into the Suncrest Park, who feel
short-changed by the group.
“We were surprised to see an article in The Herald about
their (planned) residential developments yet we haven’t received anything since
we bought into Suncrest in 2015, this is worrisome,” said one of the buyers.
“We bought these stands in 2015 and finished instalments
around 2016 or 2017.
“Unfortunately, when we were supposed to get our stands we
were told they had been invaded by illegal settlers and therefore we could not
occupy them.
We tried communicating with CFI lawyers who had us sign
agreements of sale but all to no avail.”
The Suncrest Park project profile listed Reston Developers,
a joint venture property development company between CFI Holdings Limited and
Craftcall Investments (Private) Limited.
CFI company
secretary Panganayi Hari said there was progress at Suncrest Park stands, with
sewer and water reticulation systems already in place and ready to be connected
once all processes had been completed.
“We have been on the ground and a lot of work has been
done,” he said.
He, however, said the group could not divulge more details
about the development due to a pending court case, although the group indicated
the scourge of illegal settlers on the land in question.
“There is a pending court case involving stakeholders and
therefore the matter is prejudice and we can’t comment further suffice to say
we hope everything will be finalised soon.
“Legal action has been instituted and matters are currently
pending in court. The issues are therefore subjudice,” he said.
In 2017, the group was embroiled in boardroom squabbles on
allegations of corporate governance deficiencies with its former directors and
one of the stormy issues involved the controversial sale of Langford Estate to
Fidelity Life Assurance in a land for debt swap deal. Herald
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