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Construction of US $286m Ongos Housing Project in Namibia to Begin

Namibia is set to commence construction works on Ongos housing project valued at US $286m. Ongos Valley Development director Americo de Almeida announced the reports and said that a ground-breaking ceremony is expected to take place end of this month.

Last year Ongos Valley Development launched a housing project with a promise to construct 30 000 housing units over 15 to 20 years as of this year. The aim of the project is to alleviate the critical housing shortage in Windhoek for the low- to middle-income households by undertaking a large-scale, cost-effective development, driven by private initiative and supported by government.The project will be  a green village self-contained area with schools, hospitals, police stations and a cemetery, among other services.

It will supply more than 25 000 housing units for the low- and middle-income classes, four business centres including 106 business plots, 48 institutional plots, and over 20% of the development dedicated to public and conservation open areas. Development Bank of Namibia, Absa, Nedbank, Standard Bank and Development Corporation of Botswana will finance the development.

Phase one of the project will involve construction of 4 500 houses over a period of five years. The prize of the houses will range from US $21000 to US $57000. Corporate Investment Banking and Treasury Karl-Stefan Altmann said that about 4 000 direct and 9 000 indirect jobs would be created.

In terms of regulatory requirements, de Almeida confirmed everything has been addressed and they  have already signed a development agreement that allows them to start physical construction. He added that the contractor Octagon Construction is set to take possession of the site to start site establishment.

READ MORE:  High cost of rent,bane of small business owners

Source: constructionreviewonline

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