Ongos Valley Development boss briefs Geingob

The Ongos Valley Development on Tuesday met President Hage Geingob at State House to brief him on a housing project which promises to construct 30 000 housing units over 15 to 20 years.

The groundbreaking ceremony, which will officially mark the commencement of the project will take place at the end of on 9 August 2019, Americo De Almeida, a director at Ongos Valley told Geingob.

The project will see the private firm invest at least N.dollars 4 billion and create over 4000 jobs and 9000 indirect jobs in the process.

We have managed to put together aN.dollars 4.3 billion investment starting in the next few days for the first 4500 houses of the 30 000 housing development project, De Almeida said.

The houses in question will be built in Katutura's Monte Cristo, some 13 kilometers from the Windhoek central business district (CBD) west of the Nubuamis area.

The houses will be made as affordable as possible, with prices ranging between N.dollars 300 000 and N.dollars 800 000.

Only 11 per cent of the houses will cost over N.dollars 800 000, the director told Geingob.

Nedbank, South Africa's Absa Bank, the Development Bank of Namibia, Standard Bank and the Development Corporation of Botswana are all involved in the financing of the project.

The first stage of the investment is about N.dollars 1 billion for the first phase which is about 4500 houses that we be built over five yearsit's a very big project and it will grow over a period of 15 to 20 years, Karl-Stefan Altmann, Nedbank's executive for Corporate Investment Banking and Treasury said.

Geingob welcome the latest development and urged other private companies to meet the government halfway in addressing the housing shortfall.

I was in Rwanda and I must say they are making good progress. All the housing developments are private-sector driven. Not government so I am glad to hear, Geingob said.

He added: It's a good beginning. It's a very good start by the banks in a more transparent way that can start the process (and) that way others can come in so that we can actually address the question squatting and so.

Geingob was referring to a resolution by the second national land conference where the living conditions of informal settlements were declared a national humanitarian crisis.

Geingob has also taken it upon himself to see shacks disappear in the next five years.

Source: Namibia Press Agency