Old Mutual Investment Group Namibia (OMIGNAM) has invested N$12.75 million in the 311-plot Mariental Extension 6 affordable housing development, as part of efforts to expand access to serviced land in the Hardap Region.
The group had initially committed N$60 million to the project. However, the impact of the Covid-19 pandemic on affordability, property sales and construction activity meant that only N$12.75 million was ultimately deployed.
Speaking at the project launch, OMIGNAM Chief Investment Officer for Unlisted Investments, Sara Mezui Engo, said the development comprises 311 residential plots, of which 87 have already been completed. The project includes both single residential and general residential erven.
“Old Mutual initially committed N$60 million to the development. While the Covid-19 pandemic significantly impacted affordability, property sales and construction momentum nationwide, N$12.75 million was ultimately deployed. Despite these challenges, the project endured and has now reached a critical delivery milestone,” she said.
OMIGNAM is participating in the development as a financier through the Tunga Fund, which is backed by the Government Institutions Pension Fund (GIPF). The project is sponsored and developed by Dynamo Properties, with support from Dunamis and RPF Africa, and is being implemented in partnership with the Mariental Municipality. Pension-backed end-user financiers, including Kuleni, First Capital and local commercial banks, are also supporting the initiative.
“The strength of this project lies not only in the capital invested, but in the partnerships that remained intact through difficult cycles. Today marks a shift from delay to delivery, and a renewed platform for accelerating affordable housing development,” Mezui Engo said.
She added that the development aligns with OMIGNAM’s long-term investment mandate of delivering competitive financial returns alongside measurable social impact.
As the project moves into its next phase, OMIGNAM has reiterated its commitment to raising additional capital through the Old Mutual Housing Fund to support further affordable housing developments, including targeted initiatives such as nurses’ housing.
“Mariental Extension 6 represents partnership, resilience and a shared commitment to improving the lives of Namibian families. It demonstrates that access to housing is not only a social imperative, but also a foundation for economic participation, job creation and long-term community stability,” she said.
