New housing project launched at Walvis Bay

Namibia International Housing Solutions (IHS) launched the new development, Dunes Estate, at Walvis Bay last Monday.

The project, situated next to the Dunes Mall, will consist of 424 single story two-bedroom townhouses.

According to the Namibia IHS country manager Henk Snyman, the townhouses will impact people’s lives in terms of space delivery, job creation and social impacts.

“The title development of this project is about N$200 million. We are hoping to put the first units on the market at roughly N$600 000 per unit. We are trying to keep affordability as low as possible. From there, [there] will be some escalation as we move on. The project will typically take three to five years to complete, depending on how quickly sales go. It took us six months to flatten the ground,” he said.

The IHS Fund II Sub-Saharan Africa raised US$83,9 million from five investors and IHS as the fund manager.

Project investors include: the European Investment Bank, Government Institutions Pensions Fund, KFW Development Bank, International Finance Corporation and the Women’s Development Bank.

The company has already constructed over 1 700 housing units around Namibia.

The total investment by the fund into the Dunes Estate project is N$117,3 million.

The company was started in South Africa two decades ago and expanded to Namibia and Botswana, and more recently Kenya.

The first completed units are expected by the first quarter of 2025.