Shock waves hit Zanzibar's nascent real estate industry
Part of the villas that were under construction at the Blue Amber Resort by developers Pennyroyal in Matemwe, Unguja. The first phase of the project was set for delivery in December 2022.
Audited reports presented to authorities show that the developer had so far injected $55 million (Sh126.5 billion), with the total value of the project estimated at $1.6 billion (Sh3.6 trillion). The property sits on 411 hectares in Matemwe, northeast of Zanzibar.
