22 Nov 2016 15:40pm
By Etuna Shikalepo
WINDHOEK, 22 NOV (NAMPA) The National Housing Enterprise (NHE), together with two private companies, will soon avail 3 500 hectares for the construction of over 60 000 housing units for low and middle income earners.
The two companies to team up with NHE for a new city development known as Harambee Valley at the estimated cost of N.dollars 165 billion are Nambel Investment (Pty) Limited and Ongos Valley Development Pty Limited.
NHE Chief Executive Officer, Gisbertus Mukulu told Nampa on enquiry Monday that NHE own the portion three of Farm Ongos while portions eight and nine are owned by the Ongos Valley Development.
The development will be situated in the Katutura area along Monte Christo Road.
Mukulu explained that Farm Monte Christo forms the northern border of Farm Ongos and is owned by Leading Lodges of Africa.
In order to make this development feasible, NHE has teamed up with these two private entities and the combined area is now known as Harambee Valley, he said.
Mukulu explained that more than 50 000 plots will be jointly developed, which will avail at least 60 000 freestanding housing units to be built; alternatively the area can be compacted to generate more than 100 000 housing units.
He stressed that each partner will be responsible for the internal municipal services and houses, and will be responsible for the sale of such houses.
Mukulu said the houses and other top structures will cost about N.dollars 130 billion and the whole project will take up to 20 years to complete, creating more than 50 000 jobs.
He said institutions like City of Windhoek, NamWater and NamPower will be involved with regard to the provision of bulk services to take place soon at the cost of over N.dollars 5 billion.
The CEO said the NHE will use its waiting list and standard criteria as per the NHE Credit Policy to allocate the houses.
The criteria include that houses first be reserved for people on the waiting list; that they be affordable with the repayment to income ratio of not more than 25 per cent and that they are availed to first-time home owners only.
The housing project was one of those introduced during the Invest in Namibia international conference early November.