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Tunga Real Estate Fund invests in Mariental affordable housing scheme

Tunga Real Estate Fund invests in Mariental affordable housing scheme

By Freeman ya Ngulu.

It was announced this week that the Tunga Real Estate Fund, an unlisted property and housing fund managed by Old Mutual Investment Group (Namibia) has made funding available to develop an initial 224 serviced erven and affordable houses in Mariental.

The infrastructure and services for the first phase of land servicing for 56 residential erven have already been handed over to the Mariental Municipality.

The houses are finished, and sales have begun. A second sub-division is currently being built, resulting in 105 more plots of more affordable serviced land available at lower overall purchase prices. Future phases and development will include walk-ups, offices and retail outlets, a solar farm, a school, and a clinic.

The development consists of modern two and three bedroomed homes in 12 design options, with buyers able to choose what size home and level of finishes they want at the time of purchase (plot and plan). There is also a Homeowners Association (HOA) in place.

The investment is part of Old Mutual Namibia’s unlisted property strategy, which deploys institutional funds for housing development projects to address the pervasive housing shortage.


About The Author

Freeman Ya Ngulu

Freeman Ngulu is an investigtor, an author and a keen entrepreneur. His speciality is data journalism for which he loves to dig deep into topics often ignored by mainstream reporting. He tweets @hobameteorite.