FEB 7 – GulfCap Real Estate has announced the commencement of Phase 1 construction for LV Marina, a waterfront development along the shores of Lake Victoria in Kisumu.
The Sh120 billion project is strategically located just five minutes from Kisumu International Airport and sits on a 285-acre site that blends luxury living with robust commercial and social infrastructure.
Phase 1 of the project, valued at Ksh 40 billion, will see the development of key infrastructure including a signature marina, urban residential units, recreational facilities, schools, healthcare centers, and retail spaces.
The initiative has already attracted keen interest from numerous third-party developers as well as local and international investors who are considering partnerships to develop various precincts within the project.
“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.”
GulfCap Chairman Suleiman Shahbal emphasized the project’s economic significance, stating, “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.”
The first phase of construction is scheduled for completion within 3.5 years and will feature a state-of-the-art marina overlooking Lake Victoria, luxury waterfront villas and urban apartments, modern social infrastructure including schools and hospitals, as well as recreational facilities and retail centers.
“This development marks a new chapter in Kisumu’s and, more broadly, Western Kenya’s growth story. LV Marina will position our city as a premier destination for both business and leisure, while creating thousands of jobs and spurring economic growth across the region,” Raila Odinga, a partner in the project, highlighted its transformative potential.
