New Auasblick housing development launched
After various delays, the N$134 million, 57-hectare housing development at Auasblick Extension 1 will be launched this week.This follows a 2017 Public Private Partnership (PPP) Development Agreement between Sinco Investments Sixty One (Pty) Ltd trading as PPH Auasblick (developer) with the City of Windhoek (CoW) to develop services and infrastructure.
According to an advertisement in various media, Sinco is majority-owned by the Hangala Group, with other shareholders being Preferred Investment Property Fund, Paua Properties and Zeal Properties. Funding for the project is being provided through a combination of debt from the Development Bank of Namibia (DBN) and equity from Mergence Namibia on behalf of Government Institutions Pension Fund (GIPF).
According to the advertisement, the development is set to take place in two phases. Phase 1 includes 118 erven of which 114 are single residential, while others are general residential and business plots. Both the single and general residential units will cater for middle-income and upwards buyers.
The main contractor, Namibbeton, in August last year began work on Phase 1. Windhoek Consulting Engineers (WCE) and Hangala Properties are the engineer and project manager, respectively.
The project oversight is being exercised through a Project Steering Committee which includes stakeholders, including representatives from the City of Windhoek, the developer, financiers, and the project engineer.
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
The public launch takes place the site on 21 October 2022, and will be presided over by the Minister of Urban and Rural Development, Erastus Uutoni, and Windhoek mayor, Sade Gawanas.
The public is invited to attend the Auasblick Open Day on 21 October 2022 from 14:00 onwards, and to take the opportunity to buy an erf in one of the most highly sought-after locations in Windhoek.
For more information, contact Robert Louw at [email protected] or Electra Moses at [email protected] or 061 410 700.