The Auasblick property development which is being developed on a 57-hectare piece of land through a Public-Private Partnership (PPP) undertaken by Sinco Investment Sixty One trading as PPH Auasblick in conjunction with the City of Windhoek is set to come to market next week after 118 plots were sold in the first phase.
Sinco is majority-owned by Hangala Group, with other shareholders being Preferred Investment Property Fund, Paua Properties and Zeal Properties.
“After some initial delays, the project is finally on track, with N$134 million in funding being provided through a combination of debt from Development Bank of Namibia and equity from Mergence on behalf of GIPF,” said Hangala Group Property Administrator Electra Moses.
“The development is taking place in two phases. Phase 1 includes 118 erven, of which 114 are single residential, and others for townhouses and businesses. Both the single residential units and the townhouses will cater for middle-income and upwards buyers seeking a secure and attractive living environment close to the city. Phase 1 pre-sales were launched in November 2019 and despite the Covid-19 pandemic and related disruptions almost all erven have been subscribed for by the public,” she added.
“Phase 2 pre-sales will be launched on 21 October, where the public will have a whole afternoon of engagement after the official morning launch.”
Moses indicated that the main contractor, Namibbeton, commenced work on Phase 1 in August 2021, where Windhoek Consulting Engineers and Hangala Properties are the Engineer and Project Manager, respectively.
The project oversight is being exercised through a project committee which includes key stakeholders such as representatives from the City of Windhoek, the Developer, financiers and the Project Engineer.
“The City entered into a PPP with a wholly Namibian owned company with notable experience in the property development space to help address the need for affordable housing. It has been a pleasure to work with Sinco on this Project and we appreciate the professionalism and transparency with which the Auasblick Extension 1 Project is being managed. We are looking forward to a fast and smooth conclusion of this Project which will significantly address housing shortages in the City,” City of Windhoek’s Benny Amuenje and the co-chair of the Project Committee said.
Meanwhile, Executive Chairperson of the Hangala Group and Chairperson of Sinco Dr Leake Hangala said the partnership signifies the good associations with the City of Windhoek in advancing development.
“It is of course a pleasure for Hangala Group to bring its experience and expertise in housing and land delivery as well as in project management to bear, through our subsidiary Hangala Properties which has been active across the country, including towns such as Otjiwarongo and Otavi. We were not only able to raise the necessary capital for the project, but also to assemble a top team of engineering, project management, accounting, land surveying and other resources to execute it,” he said.
Development Bank of Namibia CEO Martin Inkumbi said the bank was pleased to be associated with the City of Windhoek as well as with an experienced developer, Sinco, to alleviate housing needs in the capital city.
Hileni Nghinaunye of Mergence said the investment is being made on behalf of the Government Institutions Pension Fund (GIPF) “to have a positive impact on society by playing a role in facilitating access to affordable land and the creation of new jobs for Namibians”.
