GulfCap Real Estate has announced the commencement of Phase 1 construction for LV Marina, a transformative master-planned development along the shores of Lake Victoria in Kisumu.
This follows the contract signing by parties involved in the multi-billion project on Wednesday in Nairobi. The signing ceremony now sets the ball rolling for this ambitious project that seeks to reshape Kisumu’s urban landscape.
Strategically located five minutes from the Kisumu International Airport and less than 10 kilometers from the Kisumu Central Business District, the 285-acre development represents a bold vision for a self-sustaining community that will combine luxury living with commercial and social infrastructure.
Phase 1 of the project, valued at Ksh. 40 billion, encompasses the development of key infrastructure including the signature marina, urban residential units, recreational facilities, schools, healthcare facilities, and retail spaces.
The project has attracted interest from numerous third-party developers, local and international investors who are considering partnerships to develop diverse 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, during the contract signing.
“This project will set new standards for waterfront living in East Africa while creating substantial employment opportunities for the local community.” Added Ochieng’
GulfCap Chairman Suleiman Shahbal emphasized the project’s economic significance: “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.”
Former Prime Minister Raila Odinga, a partner in the project, highlighted its transformative potential
“This development marks a new chapter in Kisumu 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.” He said
The implementation of the ambitious project is being undertaken by GulfCap Real Estate (GCRE), a decorated real estate company responsible for the Buxton Point in the Coastal Mombasa and Starehe Point in the capital Nairobi among other lifestyle-focused and environmentally sustainable projects.
The first phase of construction is scheduled for completion within three-and-half years and will feature: A state-of-the-art marina overlooking Lake Victoria, a luxury waterfront villas and urban apartments, a modern social infrastructure including schools and hospitals, and recreational facilities and retail centers.
