The Lake Victoria Marina Construction Project has kicked off on the Phase 1 development works. LV Marina is an ambitious Ksh120 billion mixed-use development in Kisumu that is backed by the former Prime Minister of Kenya, Raila Odinga.
Developer of the Project
This ambitious project is being spearheaded by GulfCap Real Estate and also backed by Mombasa businessman Suleiman Shahbal. The mixed-use project is expected to transform the skyline of Kisumu City with a state-of-the-art marina or a small port for leisure with hotels. Additionally, it will consist of restaurants, bars, luxury residences, and lastly world-class facilities.
This project will also feature schools and hospitals.
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The chairperson of GulfCap Real Estate, Suleiman Shahbal, stressed on the economic significance of the project while announcing that the company had kicked off the construction works.
“This ambitious investment project showcases our confidence in the potential of Kisumu as a key economic hub in the region. The LV Marina will not only transfer Kisumu’s cityscape but also bring a ripple effect of economic opportunities across various sectors in the region,” he mentioned in a statement.
The LV Marina is located just five minutes from the Kisumu International Airport. This project will sit on 285 acres of land. It will offer a wide range of residential, commercial, and also recreational facilities.
Construction Cost of Phase 1 of Lake Victoria Marina
The Phase 1 of the project will cost Ksh40 billion. This Lake Victoria Marina Construction phase will mainly focus on the key infrastructure which entails the marina, residential spaces, recreational amenities, schools, healthcare amenities, and lastly the retail spaces.
“LV Marina showcases our commitment to develop world class developments which enhance quality of life of life while conserving th natural beauty of our environment,” stated Chris Ochieng, CEO of GulfCap Real Estate.
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Significance of the Project
Furthermore, Raila who is a partner in the mixed-use project stressed on its transformative potential saying, “This development brings a brand-new chapter in the growth story of Kisumu and Western Kenya region.”
Raila also mentioned that LV Marina will position Kisumu as a top destination city for businesses and leisure activities. These will create thousands of jobs and spurring economic growth in the entire region.
Phase 1 Construction Period
The Lake Victoria Marina Construction Phase 1 construction works are expected to take 3.5 years. GulfCap is among the leading developers in Kenya. The company has an impressive portfolio that includes 289 InCity Suites, Buxton Point, and lastly Starehe Point.
The project’s supporters stated that this ambitious mixed-use project has gained significant interest from both local and international investors. These investors are considering to partner in developing the various precints that are within this development.
