Home Afrika banks on rich investors to rescue Migaa Golf Estate

Aerial view of Migaa Golf Estate in Kiambu County [File, Standard]

It was billed as the first and largest gated community in Kenya, but over the years Migaa Golf Estate has faced significant challenges that mirror the upheavals tormenting the real estate sector.

Data from the latest annual financial report from Home Afrika, parent company for the Sh4 billion Migaa Golf Estate, indicate that financial woes worsened by the Covid-19 pandemic had cast fresh uncertainty on the project’s future.

According to the financials, Home Afrika missed repayments on its Sh500 million corporate bond due last year, even as the interest on the same keeps piling.