GIPF invests in affordable housing in the Erongo region
The Government Institutions Pension Fund (GIPF) has invested N$14.5 million in the first phase of the KwaNkomo housing development in Walvis Bay, which to date has seen the development and construction of 122 houses, while 8 are currently under construction and 20 are yet to be constructed.
Managed by Old Mutual through a special purpose vehicle, the KwaNkomo Village in Kuisebmond, will be home to approximately 2,500 people once at full capacity.
Additionally, GIPF invested over N$84 million in International Housing Solutions for the second phase of the KwaNkomo village which boasts 12 blocks, consisting of 15 apartments each, where a total of 180 families reside.
“The GIPF’s investment into affordable housing has proven to be sustainable as the Fund takes a portion of members’ contributions and invests it in housing which the members then occupy. This formula is a win-win, as it is designed to benefit the members and their families by giving them a roof over their heads while benefiting communities through job creation,” said GIPF CEO, David Nuyoma.
To date, GIPF has invested over N$268 million since 2012, towards the construction of affordable housing in the Erongo region.
“Amidst the economic turbulence brought by the Covid-19 lockdowns, the successful completion of this development is a befitting accolade and tribute to the legacy of the late Advocate Shakespeare Masiza who was the visionary of this ‘decent but affordable housing project and the project manager, Christo Van Wyk who both succumbed to Covid-19 this year, without living to see the fruits of their labour. We dedicate it to these fallen giants of Erongo,” said KwaNkomo Village property owner and Infrastructure Development Company Managing Director, Lorraine Masiza.