Suleiman Shahbal with Raila Odinga during the construction development sign-off in Nairobi that marks the start of phase 1 construction for the LV Marina master planned development in Kisumu/HANDOUT
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.
The signing ceremony marks the construction of phase 1 of this project, a significant milestone in the realisation of this ambitious project that promises to reshape Kisumu's urban landscape.
Strategically located five minutes from Kisumu International Airport, 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 Sh40 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 and 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.
"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
"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."
Raila Odinga, a partner in the project, highlighted its transformative potential, saying the 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," he said.
The first phase of construction, which 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 and recreational facilities, and retail centres.