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Old Mutual tackles shortage of affordable housing

Old Mutual tackles shortage of affordable housing

Staff Reporter

THE Old Mutual Investment Group has deployed a project to tackle the shortage of affordable housing by providing funds for the development of 224 serviced erven and affordable houses in Mariental, through its unlisted property and housing fund, Tunga Real Estate Fund.

According to the Investment Group’s Acting Marketing and Communications Executive, Ashante Manetti, the first phase of land servicing for 56 residential erven has been completed and the infrastructure and services were handed over to the Mariental Municipality. She added that the houses were also completed and sales have commenced.

Manetti also announced that another sub-division that is intended to produce 105 additional plots with more affordable serviced land at lower purchase prices is in motion. The future phases and developments are expected to include walk-ups, offices, retail outlets, a solar farm, a school and a clinic.

DEVELOPED: One of the homes in Mariental. Photo: Old Mutual Investment Group

She said that the development includes modern two- and three-bedroom homes, with 12 design options. Buyers can then decide on the size and level of finishes of the house on acquisition.

Manetti added that the project, which is being developed in collaboration with Dynamo Property Developers, is in line with the Group’s unlisted property strategy, which aims to deploy institutional funds for housing development projects to tackle the widespread shortage of affordable housing in the country.

“This project is testament to our ability to raise institutional funds from some of Namibia’s leading institutional investors for deployment in projects that address Namibia’s most critical developmental needs,” the Managing Director for the Old Mutual Investment Group, Lionel Kannemeyer, said.

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