“I wanna be a millionaire, so freaking bad” – Travis McCoy
Many people are aiming to make their first million and are working hard at it. While it is true that financial security is crucial, what comes next after hitting the KES 1 million mark? Are you really going to spend your first million (or other) on consumables or will you invest it?
[Read: The KES 1 Million TV in our Market]
Much like wine, land is one of the few assets that appreciate in value with time. The annual capital gain on the land adds value to the purpose for which it is used for. That said, here are a couple of land parcels that are within your reach if you have KES 1 million on you.
1. Farmland in Olkalou, Njabini.
The total acreage boasts of full service and fence on the land. It is located at the foot of the Aberdares and has potential for both an agricultural venture and commercial development. A mature stock of eucalyptus trees offers protection from flooding.
Price per acre: KES 450,000
2. Msabaha, Malindi.
The plot measures 14 acres in total and is 100 meters to the main road (Mombasa road), right behind Iman children’s home. Agricultural potential includes growth of oranges, mango and cashew nuts.
Price per acre: KES 1 Million.
3. Gated Estate, off Thika Super highway.
The gated estate is located 5 kilometers from the highway and has been set as a prime development ground. The property is financed by Equity Bank and will feature amenities like a shopping mall, university and 18-hole golf course.
Price per quarter: KES 1 Million.
4. Mwalimu farm, Eastern Bypass.
There is a total of 3 acres available for purchase near the proposed eastern bypass set for completion in 2015. The parcel is located just off Kangundo road.
Price per acre: KES 1 Million.
It is a prime land near KCA University’s new 100 acres set for expansion. The total parcel for sale is 20 acres. The land is located 3 kilometers from Kitengela town. It is suitable for those looking to make a profit from sale after subdivision or the potential campus students.
Price per acre: KES 950,000
Truth is, for one to purchase land worth around KES 1 million, research needs to be done on land value in the rural areas. Productivity is generally higher in terms of agriculture and the areas have a high real estate development potential. As it is, there are ongoing rural electrification projects that will soon decrease the rate of rural-urban migration. Devolution next year will also see the different counties develop themselves. Would you rather invest in an area with untapped revenue or watch other people do it on a very big, very High Definition TV?