Africa-Press – Namibia. A PROJECT to service 307 erven at Kaisosi Extension 9 at Rundu is being rolled out with funding from the Tunga Real Estate Fund. The unlisted property and housing fund is managed by Old Mutual Investment Group Namibia (Pty) Ltd.
According to a media statement from Old Mutual, the project is being rolled out in phases and will grow organically as the demand for houses increases in its target market.
“So far, 116 erven have been serviced and 42 houses constructed as part of the first phase of the project, with additional houses currently under construction,” the statement reads.
The development consists of two- and three-bedroomed houses across 12 design options. “All the homes have built-in cupboards and aluminium windows, as well as quality finishes,” the statement says.
Lionel Kannemeyer, Old Mutual Investment Group managing director, says: “Our hope is to play a role in addressing the housing shortage our country is faced with. Through our various funds and projects, we hope to assist Namibians by creating quality housing opportunities at affordable prices.”
At the formal handover of the first houses early last year, the minster of urban and rural development, Erastus Uutoni, thanked Old Mutual Investment Group Namibia and the Tunga Real Estate Fund’s anchor investor, the Government Institutions Pension Fund, and all parties involved for delivering beautiful and well-built quality houses.
“This project is a testament to our ability to raise institutional funds from some of Namibia’s premier institutional investors for deployment in projects that address Namibia’s most critical developmental needs, while still delivering commensurate returns for investors.
“Investors, principally representing pension fund members and policyholders, benefit from positive returns and tangible investments in communities across the country,” he said.
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