The Tunga Real Estate Fund, an unlisted property and housing fund managed by Old Mutual Investment Group Namibia (Pty) Ltd, has made available funding to develop 307 serviced ervens and affordable houses in Kaisosi, Rundu. The project is currently being rolled out in phases and will grow organically as the demand for houses increases in its target market. Thus far 116 ervens have been serviced as part of the first phase and 42 houses constructed to date, with additional houses currently under construction.
The development currently consists of modern two and three bedroomed homes across 12 design options. All the homes are equipped with built-in cupboards and aluminium windows alongside quality finishes.
Lionel Kannemeyer, Old Mutual Investment Group Namibia Managing Director states that “our hope is to play a role in addressing the housing shortage our country is facing. Through our various funds and projects, we hope to assist Namibians in the country by creating quality housing opportunities at affordable prices”.
At the formal handover of the first houses that took place early last year, Honourable Minster Erastus Uutoni thanked Old Mutual Investment Group Namibia and the Tunga Real Estate Fund’s anchor investor, the Government Institutions Pension Fund (GIPF), and congratulated all parties involved for delivering beautiful and well-built quality houses.
Additionally, Honourable Uutoni said that “this project is testament to our ability to raise institutional funds from some of Namibia’s premier institutional investors for deployment in projects that address Namibia’s most critical developmental needs, while still delivering commensurate returns for investors. Investors, principally representing pension fund members and policyholders, benefit from positive returns and tangible investments in communities across the country”.