Odinga family in Sh120bn Kisumu real estate project
ODM leader Raila Odinga unveils a plaque during the launch of the proposed LV Marina Development by Gulfcap Real Estate in Kisumu County.
What you need to know:
- Real estate project will be developed on a 285-acre parcel of land owned by the Odinga family.
- Mr Odinga said the housing project on the land was inspired by the collapse of the molasses plant.
A private developer has broken ground for a Sh120 billion real estate project in Kisumu, targeting to tap into demand for housing in the lakeside city.
The project by GulfCap Real Estate, a private developer, will consist of houses and social amenities to bridge the growing demand for housing in the lakeside city.
Dubbed LV Marina, the real estate project will be developed on a 285-acre parcel of land owned by the late former Vice President Jaramogi Oginga Odinga's family. The parcel of land hosted the controversial collapsed molasses plant owned by the Odinga family.
GulfCap Real Estate Chairman Suleiman Shahbal, the project will see the construction of 1,400 houses, commercial premises, and social amenities such as schools and hospitals.
“The development will include bespoke waterfront villas to apartment living, state-of-the-art social infrastructure, light industrial parks, and commercial hubs featuring retail centers, hotels, and schools,” he said.
Mr Shabhal said the first phase of the project will kick off immediately and is expected to be completed in the next six years.
“LV Marina will be a mixed-income development, not only for the people of Kisumu and western Kenya but for the entire country,” he said.
Former Prime Minister Raila Odinga said the idea to have the housing project on the land was inspired by the collapse of the molasses plant.
“We decided that the housing project is the most ideal for this region. I negotiated with my brother Shahbal and he agreed that we can go ahead with the project,” said Mr Odinga during the launch.
Mr Odinga stated that the project contributes to the government's affordable housing agenda which he says cannot be achieved without the input of the private sector.
“This project serves to confirm Kisumu’s emerging status as a progressive city and county. The future belongs to the cities that offer higher standards of life including better homes, schools, hospitals, and jobs,” Mr Odinga said.
“This project is a contribution to the family-held beliefs of creating a city where every member can enjoy good security, health and continued prosperity,” he added.
