Sorry, it took me a bit to finish reading Ultimate Campaign. All right, a comparison of the kingdom building rules in "Of Cities and Kings" from Rivers Run Red, the second issue of the Kingmaker Pathfinder Adventure Path, and the kingdom building rules from the Pathfinder RPG hardback Ultimate Campaign.
They are basically the same rules, slightly expanded. What is 10 pages in Rivers Run Read is 30 pages in Ultimate Campaign, plus some pages of optional rules.
Some of that is more options - like in terms of Leadership Roles, Rivers Run Red has 11 and Ultimate Campaign has 14 - and some of it is padding; for example the Councilor entry has the same mechanics but 6 lines of fluff verbiage rather than 1. So that additional page count is part more stuffs and part blabbering (though if you were confused by the sparsity of explanation in the Kingmaker version, that's not necessarily bad).
The "Improvement" phase gets renamed the "Edict" phase and other such, but in general you're getting the same system with a bit more of each of the lists-of-bits. There are some more buildings; you can do terrain improvements (waterways, bridges)... What it doesn't appear to have a bit more of is playtesting. Same system, most of the same holes. They did do bolt-on fixes to plug some of the most well known holes, like in the Income phase you can no longer sell magic items created by your city (no real in-game reason given, just to stop the "infinite monies exploit" popular among Kingmakers). They also took the Economy +1 and left only the Loyalty +1 benefit on graveyards, to avoid the Necropolis Gambit. So the various costs and DCs are left 90% the same, with some tweaks.
In general you are getting the exact same system in Ultimate Campaign (same grid layout page, same mechanics) with some additions and some cursory changes to prevent the most well known of the exploits in the previous system.
Note that I have only just glanced over the Kingdom Builder rules, but I see two aspects to this question.
On the one hand, as was stated by SevenSidedDie earlier, which I will just full quote here for simplicity and completeness:
Farms aren't individual farms in that passage, they're a type of change to the hex. You can only add farms to a hex once—after that, the hex has farms.
One the other hand, there's this bit of text in the Watchtower entry:
Watchtower*
A Watchtower flies your flag, is a safe place for your patrols, and establishes your power on the frontier. a Watchtower cannot share a hex with a Fort or another Watchtower.
The fact that it is explicitly forbidden to "stack" watchtowers on a single hex, implies that it is not forbidden to have multiple farm improvements (or roads, highways, fisheries, etc.) on the same Hex.
So as far as I am concerned:
By RAW, you can. The Rules don't mention a limit, even though they explicitly do in a (mostly*) equivalent case.
By RAI, you cannot. The rules not mentioning any kind of limit leaves us with exactly two non-arbitrary** choices: "One", or "None"
However, common sense dictates that there is limit on the number of farms on a single hex, because there is a natural limit to the area, and a less natural limit to the efficiency of your farms (due to technology, magic, amount of slaves you can efficiently throw at it, etc.). Similar logic can be applied to the other starred improvements as well, e.g. once you have turned the whole hex into a parking lot, you can't place any more highways.
*Unlike Farms, Watchtowers grant a one-time bonus as well.
**For any other limit N, you could equally justify N+1.
Best Answer
See Realm Management Rules That Work and What rpgs are focused on kingdom building and what sort of mechanics are used in each system? for a variety of kingdom building rulesets you can crib for your game. Like, you could graft the REIGN kingdom system on top if you were willing to do some work. Some of those answers also mention 3.5e supplements and approaches.
If you're looking to do this very extensively, my favorite (I've not played REIGN or ACKS) is the original D&D 2e system Birthright. Birthright was a complete boxed set/mini-setting all about epic realm management. Birthright has been adapted to 3/3.5e and 4e by the community and is available for free at birthright.net. It's probably the most "D&D'ey" answer.