CORRECTION: Rundu housing project halted due to lack of funds

09 Feb 2015 12:10pm
REPLACING 800-square metre piece of land TO 4.5 HECTARE IN SECOND PARA.

RUNDU, 09 FEB (NAMPA) - The construction of 53 houses by a private investor at Rundu in the Kavango West Region has been halted due to a lack of funding.
The state-of-the-art houses were being constructed in Rundu’s Tutungeni residential area by a company called Plato Investment, which secured N.dollars 20 million funding from the Development Bank of Namibia (DBN) for the construction of the houses on a 4.5-hectare piece of land bought from the Rundu Town Council.
Active construction of the houses came to a standstill in August last year already, and the more than 300 workers who were employed at the site left for jobs elsewhere.
The Project Manager of Plato Investment, Agapitus Hausiku told Nampa on Monday that the project was halted because they do not have alternative funding to finish off the houses.
The N.dollars 20 million which the DBN advanced to his company was used for the first phase of the project, which included the servicing of land, roads, electricity and streetlights as well as the construction of the project’s first 14 houses.
The construction of these first 14 houses was almost completed, and many of the houses are currently at roof-level.
Hausiku said the company is, nonetheless, in the process of raising its own funds to finish the project, and there are indeed potential investors who have expressed a willingness to enter into a partnership with his company.
“We have approached some investors, but they are taking forever to come on board,” the project manager lamented.
By his estimation, the company needs an additional N.dollars 20 million to complete the Rundu project.
Bushes and grass have now grown to cover the project site, and some of the half-built houses are now even being abused by people who relieve themselves in there when nature calls.
At the start of the project, the construction of the houses was hailed by Rundu residents as a step in the right direction as it aimed to address the housing shortage in the town.
The project was seen as complementary to the Mass Housing project, which is currently underway nationwide.
Plato investment bought the unserviced land from the town council at N.dollars 25 per square metres.