The City of Windhoek (CoW) has granted PPH Auasblick first phase development a takeover certificate with servicing for the second phase expected to commence in April.
This follows the successful sale of 118 plots in the first phase of the 57-hectare development project.
PPH Auasblick is a public-private partnership collaboration between the City of Windhoek and Sinco Investments–trading as PPH Auasblick.
Hangala Properties holds the majority of shares in PPH Auasblick and has played a dual role as both the major shareholder and the project manager for the project.
Hangala Properties Managing Director, Diina Shituula, said 77% of the erven in Phase 1 have been reserved and are in the process of being transferred into each respective owner’s name or entity.
“Phase 1 introduces to the market a diverse range of properties, including a general residential erf, a business erf, and 114 single residential erven, ranging from 720m² to 3964m². Plots larger than 2500m² are priced at N$750 per square metre, while smaller plots are priced at N$900 per square metre. In contrast, erven in phase 2 are priced at N$1,300 per square metre,†she said.
She further explained that the project is divided into two phases, with the Development Bank of Namibia and Mergence Unlisted Investment Managers jointly providing funding of N$130 million for phase 1.
“Receiving the takeover certificate from the City of Windhoek is a significant milestone and substantial testament to the ability of all key stakeholders within this development who made it possible in record time. Whilst some of the City of Windhoek requirements are stiff, we as developers together with City of Windhoek and the Project Engineers, WCE, were able to work together efficiently to realize this milestone,†she said.
She noted that the initiative aims to alleviate the housing backlog, make serviced land accessible in the city, and facilitate connection between the suburbs of Avis and Olympia through the construction of the Jason Ndadi Hamutenya road and also a new suburb in Windhoek called Auasblick Extension 1.
“This brings much needed employment opportunities to the construction sector that has been ailing in recent years and has a considerable multiplier effect in terms of employment,†said Shituula.
Shituula added that the company is looking to bring 150 erven to market in phase 2 while 60 erven have already been reserved.
