15.6 C
Nairobi
Sunday, June 16, 2024

George Kinoti Biography, Age, Background, Education, Career, Family & Awards

The Director of Criminal Investigations (DCI) George Kinoti is the Kenyan version of the legendary former Federal Bureau of Investigation (FBI) director J. Edgar...
HomeWealthCharles Kibiru: Inside Kirinyaga Senator's Ksh65 Billion Golf Resort & Estate

Charles Kibiru: Inside Kirinyaga Senator’s Ksh65 Billion Golf Resort & Estate [PHOTOS]

Before his election to the Senate in 2017, Kirinyaga Senator Charles Kibiru was a man unknown to many Kenyans.

However, his desire to succeed and efforts have elevated him to the class of the haves in the country. He owns the multi-billion Thika Greens Golf Resort and Estate.

According to the company website, the Ksh65 billion establishment lies on a 1,700-acre parcel of land, 40 kilometers from Nairobi.

The resort has an 18 hole par 72 championship golf course sitting on 306 acres of a well-manicured grass landscape designed by South African architects DDV Group.

It has world-class accommodation services in the villas, a serene environment with a scenic golf course.
The resort was commissioned in 2014. The road to its establishment was, however, not easy.
In a past interview with Dinfin Mulupi, Kibiru revealed that he failed a number of times before he finally got it right.
In 2005, Kibiru entered into a deal with 20 of his friends cum business associates to raise Ksh20 million. However, after 6 months, he realised it could not be achieved.
He founded Dozen Ventures Limited alongside four partners he branched out with and they brought eight more associates on board. In three months, they successfully raised Ksh12 million.

They sought funding from lenders and bought a quarter an acre of land in Spring Valley Estate in Nairobi for Ksh26 million. This marked the beginning of their wealth.

In one year, they built four houses on the land for a combined Ksh70 million. They later sold them for Ksh26 million each. However, the company collapsed after the partners took their cut and left.

During this period Othaya Farmers Cooperative Society announced it was selling 1,135 acres of land located 40 kilometres from Nairobi.

Kibiru then brought together his four primary partners with whom he formed Dozen Ventures, and they founded Thika Greens Limited with the hope of conquering the real estate industry.

“My vision was to create the first well-planned satellite town with proper infrastructure in place and in the end create a city out of the city. The construction of the Nairobi-Thika super highway was the confirmation that indeed this was the investment opportunity of a lifetime,” Kibiru was quoted as saying.

Othaya Farmers Cooperative Society at the time was asking for Ksh850 million for the piece of land.

“In 2009 the five of us invited friends and business partners to the Jacaranda Hotel where we wooed them to invest at least Ksh.2 million each for a share in the project.

“We had nothing to offer them other than a receipt to prove they had made payment and the word of mouth that this would be the best investment they would ever make,” Kibiru narrated.

They successfully raised Ksh450 million in 2 months where each individual owned a minimum of Ksh4 million in shares and a maximum of Ksh24 million.

“By October 2009 we had secured a loan from a local bank and made full payment for the land. We bought an additional 571 acres bringing the total acreage of land in our possession to 1,706 acres,” Kibiru added.

They then begun the development upon successful ownership of the land.

“We began the first phase by subdividing the land into 966 plots which were later sold to the public. At first the plots sold for Ksh.850,000 each but within three months’ time the price had risen to Ksh.1.2 million,” Kibiru had explained.

The Senator studied at Mwea Boys’ High School for his ‘O’ levels and later joined Kamagambo Boys’ High School for his ‘A’ levels.

He attended the University of Nairobi for a Bachelor of Arts Degree and later for an MBA – Strategic Management & Marketing in 1998.

Kibiru rejoined UoN in 2012 for a MA – Project Planning & Management course and in 2013, graduated with a Ph.D. in Business Administration.

He rose to fame after he defeated former Senator Daniel Karaba of Jubilee Party ticket. Kibiru vied as an independent candidate.