The Tunga Real Estate Fund, an unlisted property and housing fund managed by Old Mutual Investment Group (Namibia), has contributed funding to the development of 224 serviced erven and houses in Mariental.

The first phase of land servicing for 56 residential erven has been completed, with infrastructure and services handed over to the Mariental Municipality.

Old Mutual Investment Group Managing Director, Lionel Kannemeyer told Nampa on Tuesday that sales have begun and the homes have been completed, and a further sub-division is in the works, which will result in 105 additional plots with more affordable serviced land available at lower overall purchase prices.

“Walk-ups, offices and retail outlets, a solar farm, a school and a clinic will be included in future phases and development. The development consists of modern two and three-bedroomed homes in 12 design options, with buyers able to choose what size of home and level of finishes they want at the time of purchase (plot and plan). There is also a homeowners association (HOA) in place,” he stated.

Kannemeyer said 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.

“This project demonstrates our ability to raise institutional funds from some of Namibia’s leading institutional investors for deployment in projects that address Namibia’s most pressing developmental needs while providing investors with commensurate returns. Positive returns and tangible investments in communities across the country will benefit investors, who primarily represent pension fund members and policyholders,” he said.

Namibian company Dynamo Property Developers is developing this project.

Source: The Namibian Press Agency