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N$120m from MIDINA for new land

Windhoek Mayor, Elderwoman Elaine Trepper and Old Mutual Investment Group CEO, Lionel Mathews.

Windhoek Mayor, Elderwoman Elaine Trepper and Old Mutual Investment Group CEO, Lionel Mathews.

Old Mutual through its Managing Infrastructure Development in Namibia (MIDINA) Fund has invested N$120 million in land delivery in Otjomuise Extension 4, Windhoek.The project is  implemented in partnership with the City of Windhoek and a local investment company through a  Public Private Partnership (PPP) initiative. City of Windhoek Mayor, Elderwoman Elaine Trepper on Tuesday broke the first ground for this development which will produce 201 new residential erven and 2.6 km of serviced road.
To address the shortage of serviced land for housing, the City of Windhoek Council in 2010 decided to initiate several public private partnerships to accellerate the pace of land delivery. The Council entered into a 50/50 PPP Joint Venture with Wilru Investment 96 Ltd trading as Acacia Investment (Pty) Ltd to service land in Academia Extension 1 and Otjomuise Extension 4.
Speaking at the ground breaking ceremony, Trepper said the unprecedented influx of people to Windhoek resulted in many challenges that required the Council to avail resources necessary to provide services. However, she stressed that most people cannot afford services and called on PPP’s to intervene because municipalities alone cannot cope with the influx. “It has become evident that job creation and local economic growth cannot only be left to municipalities but should be a concerted effort by all stakeholders, through smart partnerships and resource sharing,” said the mayor.
The arrangement of the partnership entails that the private partner provides technical as well as financial backing whilst the City of Windhoek will avail the land. Speaking at the same occasion, Private Partner representative, Patrick Kauta said that Otjomuise serves as a starting point for the construction of services because there is an acute need for land delivery. Kauta said this project does not form part of government’s Targeted Intervention Programme for Employment and Economic Growth (TIPEEG) but is a pure PPP between the City of Windhoek and Acacia Investments.
The erven will be sold to middle income groups on a first time buyer tender basis. The Old Mutual MIDINA Fund has thus far invested in excess N$250 million in servicing land in Vineta, and Langstrand and has funded projects such as the Ongwediva Medical Park and Rehoboth Medical Centre.

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