BUSINESS - ECONOMY
| 2013-07-29United Africa says it will build apartments for N$230 million
United Africa Group plans to build luxury apartments for N$230 million.
THE UNITED Africa Group says it plans to develop luxury apartments, worth N$230 million in central Windhoek at a piece of land it bought for N$10 million a couple of years ago from the City of Windhoek but has since raked in N$70 million by selling two portions of the land to FNB Namibia and the Social Security Commission. The date of the start of construction was not announced but this is not the first time, plans of apartments have been announced by United Africa, which has come under criticis
The Group bought the 2. 4 hectare plot from the City of Windhoek five years on the understanding that the group would develop the area into a mega shopping and residential district.
The Group announced in a statement that the development of the luxury apartments surrounding what it calls Freedom Plaza will “improve the lives of Namibians by taking full advantage of world-class, dining, entertainment, spa, gym and luxury retail facilities.”
“While the central location across the road from the Supreme Court gives easy access to the cultural hub and business centre of the city. A total of 93 apartments form part of this development,” the statement said.
The Group was formed in 1992 and has established a variety of business interests in real estate, hospitality, fuel services, financial services, and renewable Energy.
“400 jobs will be created during the construction. The retail and office space on completion will create close to 300 permanent jobs, applying a multiplier effect factor of seven per payroll earner results in 2,100 minimum Windhoek. Not to mention that this development will attract and thus contribute to our city’s municipal revenue by way of rates and taxes,” the Group said.
The statement said the design of the apartment block presents a unique opportunity in relation to any form of apartment development due to its position and part of mixed development city centre. “Another key element is the style, luxury and contemporary look. The date for development will be announced in due course,” it said.
The larger property development is known as Eliakim Namundjebo Plaza, named after one of the well-known business personalities in Namibia. The late Eliakim Namundjebo was an entrepreneur, who died in the 1990s.
“The Plaza concept is based on a mixed development project which shall include a hotel, apartments, retail shops and restaurants, parking and offices. These are the distinct features of the development. The project consist of a highly skilled and qualified team of professionals which will be led by the project and principal agent Jaco Wasserfall, and his associate professional team, Denis Maxwell, Dawrie Fourie, Dereck van der Merwe and Windhoek Consulting Engineering. Wasserfall is the lead architect who has previous experience in designing the Hilton Hotel and led timely completion of the project. We have confidence in the team we have selected based on their credentials and previous experience in resolving a complex building structure like the Hilton. This project is estimated to be over N$ 230m mainly on construction cost. This estimate is based on current costs which do not include any additional statutory and escalation costs. The duration of construction will be 18 to 22 months from the date of site handover,” the statement said.
The Group announced in a statement that the development of the luxury apartments surrounding what it calls Freedom Plaza will “improve the lives of Namibians by taking full advantage of world-class, dining, entertainment, spa, gym and luxury retail facilities.”
“While the central location across the road from the Supreme Court gives easy access to the cultural hub and business centre of the city. A total of 93 apartments form part of this development,” the statement said.
The Group was formed in 1992 and has established a variety of business interests in real estate, hospitality, fuel services, financial services, and renewable Energy.
“400 jobs will be created during the construction. The retail and office space on completion will create close to 300 permanent jobs, applying a multiplier effect factor of seven per payroll earner results in 2,100 minimum Windhoek. Not to mention that this development will attract and thus contribute to our city’s municipal revenue by way of rates and taxes,” the Group said.
The statement said the design of the apartment block presents a unique opportunity in relation to any form of apartment development due to its position and part of mixed development city centre. “Another key element is the style, luxury and contemporary look. The date for development will be announced in due course,” it said.
The larger property development is known as Eliakim Namundjebo Plaza, named after one of the well-known business personalities in Namibia. The late Eliakim Namundjebo was an entrepreneur, who died in the 1990s.
“The Plaza concept is based on a mixed development project which shall include a hotel, apartments, retail shops and restaurants, parking and offices. These are the distinct features of the development. The project consist of a highly skilled and qualified team of professionals which will be led by the project and principal agent Jaco Wasserfall, and his associate professional team, Denis Maxwell, Dawrie Fourie, Dereck van der Merwe and Windhoek Consulting Engineering. Wasserfall is the lead architect who has previous experience in designing the Hilton Hotel and led timely completion of the project. We have confidence in the team we have selected based on their credentials and previous experience in resolving a complex building structure like the Hilton. This project is estimated to be over N$ 230m mainly on construction cost. This estimate is based on current costs which do not include any additional statutory and escalation costs. The duration of construction will be 18 to 22 months from the date of site handover,” the statement said.
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