An aerial view of Nakuru town. [File, Standard]

As at June 2019, Lapfund's net worth was Sh35 billion invested in difference assets that include property, government securities, equities and deposits.

The investment by Lapfund could be among the major projects in the coming years in the county, with the city status expected to help Nakuru, which already brags of major projects, to attract more money.

Recently, the Geothermal Development Company (GDC) unveiled plans to set up a complex at its Menengai geothermal fields that will explore alternative uses of geothermal steam aside from energy generation.

The State firm has drilled geothermal wells and built steam gathering systems, which it has handed over to three private sector firms that are expected to build power plants.

It said that in addition to power generation, it could generate money by building a wellness spa that will include geothermal heated public pools as well as secluded high-end spas and cottages that are both heated and cooled by geothermal steam.

Major industries

Energy is among the major industries in Nakuru, where Olkaria fields produce all the country's geothermal power while those at Menengai are planned to start production in the coming years.

Tourism is also a major contributor to the county's economy with one of the attractions being the Lake Nakuru National Park, classified among the few premium parks in Kenya.

Nakuru is also the home of Kenya's flowers, one of the country's foremost foreign exchange-earners.

Two years ago, a survey by the Institute of Economic Affairs showed it is easier to start a business in Nakuru compared to five other populous urban areas.

Economists attributed this to the mainly reduced tax burden that has made it more attractive to investors. The study gave the county an overall score of 89 in the tax sub-cluster followed by Eldoret (78) and Machakos (67).

Nakuru County is the fourth largest in terms of contribution to the country's economy, accounting for 4.9 per cent of Kenya's gross domestic product after Nairobi (27.5 per cent), Kiambu (5.9 per cent) and Mombasa (5.2 per cent).

Lapfund Nakuru city Real estate