RETAIL chain Uchumi Supermarkets will sell 20 acres in Kasarani valued at Sh2.2 billion, as part of its plans to raise cash for its turnaround programme.

The company which has been facing financial problems partly blamed on poor governance, announced yesterday that the sale process for the land will begin immediately.

- See more at: http://www.the-star.co.k...oon#sthash.NjJgh6fM.dpuf

Man if people gonna buy land at that price then this is a rich country . An acre selling for 1.1 million USD . Even a plot in North America doesn't go at that price . As you said MaichBlack someone somewhere is lying

Our real estate market has been experiencing sectional irrationality since the post election violence. Prior to 2003 land as a viable investment was not exciting. With the advent credit and economy expansion that changed and totally went Parabolic after 2007. Land these days will sell at whatever crazy price is quoted as long as there is a willing buyer.

Once speculators(both smart money and wanjiku money) set into the market and are the dominant players in land transactions prices increase exponentially irrespective of return considerations. Couple this with the fact that a lot of illegal money regularly finds refuge in the country and you can see why even land worth billions of shillings changes hands in cash.

It is like when stocks trade at premiums way beyond the underlying fundamentals on the basis of the greater fool theory.

Silicon valley is one of the most expensive places to live in North America . A place called Saratoga an acre of land goes for 1.2 million dollars . In this vicinity is the home of Google and all the high tech companies . I wonder kama home we have reached that level of charging 3.2 million(3 times more ) dollars an acre and yet we are no where ever close to that silicon valley in that USA country .we have no all this IT companies and boosted economy like there in the USA . I still stand by someone is lying somewhere

http://www.cnbc.com/id/48848810

@ericsson I just checked that manhattan place .its crazy . how can 0.17 acre cost 70,000,000 USD meaning an acre is around 400 million. Anyway beside the point I chose Saratoga silicon valley because its an emerging market huko USA just like here in Kenya its an emerging market too infrastructurewise. But I cant compare relatively manhattan and Upperhill.both logically and economically.Manhattan underwent both economic and industrial revolution in the 50's if not 60's but here home is when we are getting started .So I guess they are roughly 60yrs ahead of us but thanks for pointing that out