Kisumu eyes economic growth with ambitious Sh120 billion project

Kisumu will host a Sh120 billion real estate project to transform the city’s urban and economic landscape.

The 285-acre development will address housing and infrastructure gaps while boosting the local economy.

The initiative, unveiled by former Prime Minister Raila Odinga, will include affordable housing, commercial spaces, and recreational facilities along the shores of Lake Victoria.

Odinga called it a step toward making Kisumu a regional economic hub.

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“LV Marina will change the face of Kenya, bringing international standards of living to our people and fostering opportunities for all economic classes,” said Odinga.

Led by GulfCap Real Estate, the project will feature 1,400 affordable housing units, waterfront villas, retail spaces, schools, hospitals and a marina.

The company’s CEO Chris Ochieng said the plan allows for expansion based on demand.

“This initiative will create thousands of jobs and attract foreign investment. We are collaborating with healthcare, education and retail experts to ensure quality,” noted Ochieng.

Construction of the first phase is set to begin immediately, with completion expected in six years.

GulfCap chairman Suleiman Shahbal described the development as an opportunity to position Kisumu as a destination for trade, tourism and growth.

“LV Marina is not just a development; it’s an opportunity for businesses, investors and communities to work together and elevate the region,” noted Shahbal.