The Former President,Mwai Kibaki is set to earn up to a whopping Sh55 Billion following the sale of a section of his 10,000-acre ranch in Nakuru.
700 acres of the land situated at Maili Saba in Bahati Constituency, along the Nakuru-Nyahururu Road, has been placed on sale.
However, the family indicated that depending on the demand, at least 5,000 acres had been reserved for sale.
“We have sub-divided the 700 acres into 800 plots. An eighth of an acre goes for Sh1.5 million while an acre will be sold at Sh11 Million,” a report by the Standard noted.
Kibaki’s director of communications Gituku Ngari divulged that the family was looking into building houses and various amenities which would be managed by Kibaki family business, Gingalili (1968) Ltd.
“The idea is to establish a gated community with more than 800 homes, a shopping complex, schools and other social amenities. The houses will be sold when they are completed. We shall announce the details at the ground-breaking ceremony,” Mr Ngari said.
Agents working with the former president’s family to sell the property disclosed that 200 plots had already been sold.
The land which is just part of Kibaki’s 30,000 acres of land owned by the family has been idle for many years and the area MP Kimani Ngunjiri noted that: “It is a smart move by the former president to sub-divide and sell the land but the pricing is not right. One thing I want to acknowledge is that sub-division of the land will open up Bahati in a big way.”