Old Mutual Investment Group has committed funding to the development of 224 serviced erven and the development of affordable houses in Mariental, the administrative capital of Hardap Region.
The Tunga Real Estate Fund, an unlisted property and housing fund managed by the Old Mutual, completed the first phase of land servicing for 56 residential plots and handed over the infrastructure and services to the Mariental Municipality.
According to a press statement issued today by Ashante Manetti, the group’s Acting Marketing and Communications Executive, sales have begun and the homes have been completed.
‘’A further sub division is underway which will produce 105 additional plots with more affordable serviced land available at lower overall purchase prices. Future phases and development will include walk-ups, offices and retail outlets, a solar farm, school, and a clinic,’’ she stated.
The development consists of modern two and three bedroomed homes across 12 design options with buyers being able to decide on acquisition (plot and plan) what size home and the level of finishes they require. A Home-Owners Association (HOA) is also in place.
Manetti says that the investment is part of Old Mutual Namibia’s unlisted property strategy, which aims to deploy institutional funds in housing development projects to address the country’s chronic shortage of affordable housing opportunities.
Dynamo Property Developers, a Namibian company with a track record of success in project unlocking, is developing this project.
Additionally, “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, while still delivering commensurate returns for investors.
Investors, principally representing pension fund members and policyholders, will benefit from
positive returns and tangible investments in communities across the country,” said Lionel Kannemeyer, the Managing Director for the Old Mutual Investment Group.
Manneti said that Old Mutual’s Alternative Investment funds are managed by a team of dedicated investment professionals located in Namibia.
‘’The team manages a range of funds on behalf of the Old Mutual group and third-party institutional investors targeting private equity, unlisted property, and infrastructure investments,’’ she said.