|Otjomuise 4 rises from the ground|
|Written by Augetto Graig|
|Wednesday, 11 July 2012 23:03|
THE Old Mutual MIDINA Fund has invested N$120 million into land delivery in Otjomuise Extension 4 in Windhoek.This project is being implemented in partnership with the City of Windhoek and local Namibian business people. As a result of this public-private partnership a total of 171 487 square meters of residential land will be delivered within nine to twelve months.
571 residential dwelling units will be built, apart from the general residential sectional titles which will afford another 633 units. 12 800m. of institutional land will be serviced and 2 631km of surface road built. The total length of sewer lines to be installed is 4 536m, while 3 695m of water lines will be installed.
According to Old Mutual, its Midina Fund has since inception in 2004 invested in excess of N$250 million to unlock urban land value through funding projects, like the servicing of erven in Extension 1 and 2 in Langstrand; and the servicing of erven in Vineta, Swakopmund, which delivered 120 serviced erven; as well as funding the National Housing Enterprise to service land in Otjomuise and construct more than 200 affordable houses. Lionel Matthews, CEO of Old Mutual Investment Group in Namibia, reiterated that “classic economics teaches us that when the factors of economic production, being land, capital, labour and entrepreneurship are optimally combined, sustainable wealth is created. Midina has to date funded more than N$500 million social infrastructure projects, most notably in health, telecommunication, tourism, education and housing sectors of the economy.”