The Odinga family is set to pocket Kshs 120 billion through a major real estate venture in Kisumu, aimed at addressing the growing demand for housing in the city.
The project, spearheaded by GulfCap Real Estate, will be developed on a 285-acre parcel of land formerly housing a molasses plant owned by the late former Vice President Jaramogi Oginga Odinga’s family.
ODM Party leader Raila Odinga duirng a past event. Photo: Raila Odinga Source: Facebook
The project, named LV Marina, will consist of a mix of residential units, commercial spaces, and social amenities.
According to a report by Nation Africa, GulfCap Real Estate Chairman Suleiman Shahbal, who is also involved in the development, outlined that the first phase will involve the construction of 1,400 houses, retail spaces, hotels, hospitals, and schools.
“This will be a game-changer for Kisumu, bridging the gap in housing and contributing to the region’s economic growth,” said Shahbal.
The development will feature a range of housing types, including bespoke waterfront villas, modern apartments, and commercial hubs. The project will also introduce light industrial parks to support local businesses.
ODM Party leader Raila Odinga duirng a past event. Photo: Raila Odinga Source: Facebook
Former Prime Minister Raila Odinga, a key figure in the project’s inception, emphasized its significance in transforming Kisumu into a progressive and modern city.
“The collapse of the molasses plant led us to reconsider what best suits the region. This housing project will bring long-term benefits to Kisumu, providing affordable homes and creating job opportunities,” he said.
Odinga added that the initiative aligns with the government’s affordable housing agenda and reiterated the need for private sector involvement to achieve the nation’s housing goals.
The first phase of the LV Marina project is set to kick off immediately, with an expected completion timeline of six years.
The project not only aims to provide homes for Kisumu residents but also intends to attract people from across the country, positioning the lakeside city as a key player in Kenya’s urban development.
