GIPF lays foundation for 1000 ha housing development

The Government Institutions Pension Fund of Namibia (GIPF), through proceeds availed through its unlisted investments this week provided funding for the development of the Osona Village Development which once complete, will provide close to 1000 families with low to medium income houses.
The Osona Development Village is being developed under the mandate of Preferred Investment Property Fund, which is in turn managed by Preferred Management Services, headed by Jacob Nghifindaka, as board chairman. Speaking at the ground breaking ceremony held approximately 13 kilometres outside Okahandja, Chief Executive Officer of the GIPF, David Nuyoma said, “The infrastructure development in our country is taking a turn for the better. The Osona Village will be as impressive in both scale and magnitude. Our efforts include the servicing of over 1300 residential plots, the building of close to 600 residential units as well as the financing of around 205 houses to date. Our efforts in this area are continuing and these numbers will be expanded considerably.” In total, an excess of over N$1.2 billion has been geared towards property developments explained Nuyoma, in a programme that has now run the span of four years. Notable projects financed through the establishment of the unlisted investment programme include the Town Square Mall in Otjiwarongo, the Gwashamba Mall in Ondangwa, the Rehoboth Mall and the Grove Mall.

Added Nuyoma, “The investment in the Osona Development is made by Preferred Investment Property Fund, from the proceeds realised from earlier investments it made to date, in line with how the fund was designed to operate.”
The layout work for the development of the village will be completed in due course while the boundaries of the development have received the approval of the Okahandja Town Council and Ministry of Regional and Local Government, Housing and Development.
Bulk work on the land is currently in progress while servicing of the land anticipated to kick-off in the second half of 2015.
 The development will fall within the Okahandja boundary.