Kisumu: Kisumu city is set for a major housing revolution following the unveiling of a Sh120 billion mixed-use housing project. The LV Marina, a partnership between GulfCap Real Estate and former Prime Minister Raila Odinga will include bespoke waterfront villas, high-end apartments, social infrastructure, light industrial parks, commercial hubs featuring retail centres, hotels, conference facilities, and schools.
According to Kenya News Agency, GulfCap Real Estate Chief Executive Officer (CEO) Chris Ochieng said the project, strategically located five minutes from Kisumu International Airport and along the shores of Lake Victoria, also comes with 1,200 affordable housing units. This, he said, shall be driven by demand, adding that the company was seeking strategic partnerships to deliver the project within the set timeframe.
Speaking in Kisumu during the groundbreaking ceremony for the project, Ochieng said the project, which will take six years to complete, comes after the successful completion of the Sh6 billion Buxtan point in Mombasa and Sh20 billion Starehe point in Nairobi. It is expected to boost Kisumu city's stature.
GulfCap Real Estate Founder and Chairman Hon Sulleiman Shahbal stated that the project, to be constructed on a 285-acre piece of land owned by former Prime Minister Raila Odinga, was set to generate thousands of jobs for Kisumu residents and the neighbouring counties. The luxury villas and conference facilities, he added, will enhance tourism and trade, thereby boosting the economy of the lakeside city.
Former Prime Minister Raila Odinga lauded the partnership, saying it is time for the private sector to play an active role in the country's housing agenda. He noted that rural-urban migration is on the rise, exerting pressure on the existing housing infrastructure, and emphasized that the government alone cannot address the housing gaps in the country. He added that the project will give impetus to the country's drive to increase tourism numbers, given the modern hotels, marina, and conference facilities to be constructed.
Housing Principal Secretary (PS) Charles Hinga praised the project, saying it will significantly narrow the gap in the shortage of houses in the country. He noted that the government's affordable housing project was on course, with plans underway to allocate the completed units to Kenyans in the next two months. He encouraged Kenyans to apply for the units on the Boma Yangu platform ahead of the official handover.
To accelerate the affordable housing agenda, the State Department for Housing and Urban Development has developed a policy to facilitate government partnerships with the private sector to deliver the housing units. This policy will allow the government to construct houses on private land to expand the initiative's coverage across the country. Hinga mentioned that regulations are being finalized to provide a legal framework for engaging private developers and landowners to accelerate this program.