07 Sep 2016 18:40pm
WINDHOEK, 07 SEP (NAMPA) Four-hundred safety and security officers stand to benefit from the first phase of the Government Institutions Pension Fund (GIPF)s Housing for Men and Women in Uniform initiative.
The initiative involves the construction of houses at Osona Village just outside Okahandja.
The GIPF has gone into partnership with local business Preferred Investment Property Fund under its Unlisted Investment Programme (UIP) for the construction of houses worth N.dollars 230 million at Osona Village.
These houses are then sold to employees of the Namibian Defence Force; Namibian Police Force and Namibian Correctional Service, with over 1 000 houses to be provided for low- to middle-income families who are GIPF members.
Speaking at the launch of the initiative, the funds Chief Executive Officer David Nuyoma said construction has already started and about 400 housing units are already allocated to this group.
We have given ourselves a target to take up at least 30 per cent, or 6 000 of the 20 000 houses and 7 800 of the 26 000 new residential plots for the deliverables as prescribed in the Harambee Prosperity Plan, he said.
The CEO added that the development will take place in phases and ultimately result in approximately 3 419 erven and 11 000 residential housings units.
Nuyoma explained that the main objective of this development is to provide affordable serviced residential land, build capacity and support the creation of social and economic upliftment in Namibia while yielding the desired investment returns for their members.
He said to date the fund has committed N.dollars 3.3 billion through its unlisted investment programme (UIP), the majority of which has been earmarked for property development and financing of bonds on homes for civil servants.
He highlighted some of the milestones realised through this programme, including the servicing of about 1 700 erven, construction and delivery of 559 houses, financing of 1 810 mortgage houses and the development of malls in Namibia.
We are in the second phase of our UIP and have committed an additional N.dollars 2.6 billion to private equity investments, debt and infrastructure as well as land servicing and housing, said Nuyoma.
Speaking at the same occasion, GIPF Chairperson Goms Menette said since the commencement of the UIP, the fund has invested in residential land delivery, housing, and sanitation in a number of regions.
Menette said the fund sees an urgent need for the whole financial services industry to adopt the concepts of mobilising national savings for domestic investments in order to fast-track the implementation of the prosperity plan in totality.