“We are not in financial distress” Kibaki family denies being broke despite massive sell of family assets totaling to billions of shillings (Photos)

Kibaki family has hit the news after placing a large section of their family land in Nakuru up for sale. However, the family has moved to clarify that they are not in a financial crisis of any kind and that this was entirely an investment decision.

Speaking to The Standard newspaper, the family communications officer, Mr.Gituku Ngari explained that the family had earmarked the project as he explained the long term goal of the whole project. The family he revealed aim to establish a gated community that will have a shopping complex , schools and different social amenities and over 800 homes creating a second town aside from Nakuru.

Part of Kibaki’s Gingalili farm set to be sold. Photo courtesy of The Standard

The current project sees 700 acres of the land being hived off and set for sale with a target of 100 homes to be built according to Mr. Gituku. An eighth of a plot goes for 1.5 million while an acre goes for 11 million.

Should the demand be right the family plans to sell 5,000 acres of its 10,000 acre ranch which has been lying idle. This would see the family rake in 55 billion shillings.  already 200 plots of the land located in Bahati constituency have been sold.

Union Towers in Nairobi. (Emporis

The Kibaki family has about 30,000 acres of land in the country. This mega sale comes hot in the heels of another big sale in September 2014 of the Union Towers. Kibaki’s company Parkway Limited sold the Union Towers to Mount Kenya University for 800 million in one of the biggest single real estate deals then. Kibaki’s vast business empire should even grow further with this new project.