Ongos Valley Development boss briefs Geingob

10 Jul 2019 08:20am
WINDHOEK, 10 JUL (NAMPA) – The Ongos Valley Development company 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 ground breaking ceremony, which will officially mark the commencement of the project will take place at the end of July and the project will kick off on 09 August 2019, Americo de Almeida, a director at Ongos Valley told Geingob.
He said the project will see the private firm invest at least N.dollars 4 billion and create over 4 000 direct jobs and 9 000 indirect jobs in the process.
The houses will be built in Katutura’s Monte Cristo area, some 13 kilometres north of Windhoek’s central business district and 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 and only 11 per cent will cost over N.dollars 800 000,” De Almeida told Geingob.
Nedbank, South Africa’s Absa Bank, the Development Bank of Namibia, Standard Bank and the Development Corporation of Botswana are involved in the financing of the project.
Karl-Stefan Altmann, Nedbank’s executive for Corporate Investment Banking and Treasury at the meeting said the first stage of the investment is about N.dollars 1 billion for the first phase of about 4 500 houses that will be built over five years.
The Head of State welcomed the latest development and urged other private companies to meet the government halfway in addressing the housing shortfall.
“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 in that way others can come in so that we can actually address the question of squatting,” he said.
Geingob was referring to a resolution by the second national land conference where he termed the living conditions of informal settlements a national humanitarian crisis. He also said he wanted to see shacks disappear in the next five years.