Namib Desert Diamonds (Pty) Ltd (Namdia) has disclosed that its two properties in Windhoek were revaluated by an independent property valuator, resulting in a fair value loss of N$5.5 million for Erf 336, Klein Windhoek, and a fair value loss of N$2.5 million for Erf 337, Klein Windhoek.
In terms of the revaluation of remainder of Erf No. 336 Klein Windhoek, Namdia said in the current period, this property had a market value of N$30.1 million as determined on 5 April 2023 by an independent property valuator, Ngonyofi Property Investments CC, resulting in a fair value loss of N$5,495,000 in the current period.
In terms of the revaluation of Erf No. 337 Klein Windhoek, Namdia said the property had a market value of N$3 million as determined on 5 April 2023 by Ngonyofi Property Investments.
This was the first valuation adjustment done since the property was acquired for N$5.5 million in February 2019. This resulted in a fair value loss of N$2.4 million in the current period.
Namdia said revaluation of Erf 2399 Okahandja, a property is owned by Namgem Diamond Manufacturing Company (Pty) Ltd, and is leased to third parties independent from the group.
In the current period, this property was revalued on 28 February 2023 to a valuation of N$13.5 million (2022: on 27 April 2021 had a valuation of N$13.8 million) by Eaton Property Valuations.
Namdia manages its properties through the subsidiary company Eumbo Property Investment (Pty) Ltd. In January 2019, it acquired the erf adjacent to the Namdia head office in Windhoek.
After having to postpone the property’s development due to the COVID-19 pandemic, an internal committee has begun work on concepts for an office of collaboration, innovation and co-creation in line with Namdia’s strategic objectives.
“The aim is to capture increased value from Namibian diamonds for our shareholder and stakeholders, and to drive excellence in the Namibian diamond industry,” said CEO, Alisa Amupolo.
