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GIPF makes strides in servicing land and building low-cost housing in Otjozondjupa

GIPF makes strides in servicing land and building low-cost housing in Otjozondjupa

The Government Institutions Pension Fund (GIPF) has pumped over N$17 million into land servicing and housing development for its members and the public at Otjiwarongo.

The investment was made into UNISTRAT Investment Property through the Namibia Infrastructure Fund administered by Ino Harith Capital.

To date, the GIPF has made a total investment of over N$1,1 billion in various projects in the Otjozondjupa region.

“With a mission to safeguard and grow the Fund for the benefit of its members, GIPF takes calculated decisions in its investment mandates to ensure the investment is beneficial for the members at present and in the future after retirement. GIPF’s investment resulted in 64 housing units of which our members now call home,” stated David Nuyoma, the fund’s Principal Officer and Chief Executive.

GIPF pledged to deliver on the Harambee Prosperity Plan particularly as it relates to Pillar 3 which deals with Social Progression. Under Pillar 3, the government has a dual responsibility to care for the neediest citizens and to create a conducive environment wherein those with ability can prosper.

The pillar addresses four critical issues, namely: Hunger and poverty; land servicing, housing and sanitation; infant and maternal mortality and Vocational Education Training (VET)

Unistrat’s investment to date covers 3 extensions inclusive of extension 12 which came to fruition through GIPF’s investment. Unistrat stands for Unity and Strategy and started servicing land in Otjiwarongo between 2017 and 2018 and commenced building in August 2019.

“Unistrat which started with 15 employees in the office who administered sales of land, grew their staff component by 100 additional employees from Otjiwarongo and surrounding areas to build the houses,” added Nuyoma.

“The land serviced is sold through cross-subsidization which aims to enable landowners in middle to low-income brackets affordability. “Our members are our core business and the Fund’s objective is to ensure they are well taken care of. An investment into land servicing such as this is very rewarding as it makes use of other Special Purpose Vehicles that GIPF also invested in such as First Capital through which the members buy their homes,” said Nuyoma.

According to Nuyoma, on 31 March 2021, the Fund has invested as follows: Land servicing – 5,127 plots; Houses constructed – 3,721 units; and Houses financed -2,468 loans.

“Our aim is to deliver serviced land and housing by constructing at least 6,000 new houses nationwide, over the four-year period (with a target to construct 1,500 new houses per year) and to service a minimum of 7,800 new residential plots countrywide (with a target of 1,950 new residential plots per year),” he concluded.


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