Kisumu's Sh120 billion waterfront residential project breaks ground

Construction has commenced on Phase 1 of Lake Victoria Marina, an ambitious Sh120 billion mixed-use development in Kisumu backed by former Prime Minister Raila Odinga.

The project spearheaded by GulfCap Real Estate is backed by Mombasa businessman Suleiman Shahbal and is expected to transform the Kisumu city's skyline with a state-of-the-art marina or a small port for leisure with hotels, restaurants, and bars, luxury residences, and world-modern amenities.

The project will also feature schools and hospitals.

GulfCap Chairman Suleiman Shahbal emphasized the project's economic significance while announcing the firm had commenced construction.

“This investment demonstrates our confidence in Kisumu's potential as a major economic hub in the region. LV Marina will not only transform the cityscape but also create a ripple effect of economic opportunities across various sectors,” he said in a statement.

Located five minutes from Kisumu International Airport, LV Marina will span 285 acres and offer a diverse range of residential, commercial, and recreational amenities.

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Phase 1, valued at Sh40 billion, will focus on key infrastructure, including the marina, residential units, recreational facilities, schools, healthcare facilities, and retail spaces.

"LV Marina represents our commitment to creating world-class developments that enhance the quality of life while respecting the natural beauty of our surroundings," said Chris Ochieng', CEO of GulfCap Real Estate.

“This project will set new standards for waterfront living in East Africa while creating substantial employment opportunities for the local community."

Raila, a partner in the project, emphasized its transformative potential, stating, "This development marks a new chapter in Kisumu's and more broadly Western Kenya’s growth story.”

Raila said the LV Marina will position Kisumu as a premier destination city for both business and leisure while creating thousands of jobs and spurring economic growth across the region.

Construction on Phase 1 is expected to be completed within 3.5 years.

GulfCap Real Estate is a leading Kenyan developer with a portfolio that includes 289 InCity Suites, Buxton Point, and Starehe Point.

The backers of the project said the Kisumu project has attracted significant interest from both local and international investors, who are considering partnerships to develop various precincts within the development.