New ‘town’ at Hosea Kutako

ABOUT 408 hectares of prime real estate next to Hosea Kutako International Airport has been earmarked for a ‘mixed-use development’ – a combination of commercial and residential areas that will form a new self-sustaining town called Sungate Namibia.

The development plans make provision for, among other things, a luxury hotel, warehousing facilities, light industrial space, a school and crèche, and a private clinic. The entire project is expected to cost about N$11 billion over the next 12 years.The ambitious land development project was launched last week by property developers Accolade Properties Namibia, who hope to take advantage of the Trans-Kalahari Corridor running through the plot.The Managing Directors of APN, Peter Collins and Gerd Wieneke, feel that Namibia is the ideal location for the project, citing the Walvis Bay export processing zone (EPZ) as a major draw for international investors seeking tax breaks and minimal red tape.Tjekero Tweya, Deputy Minister of Finance, expressed his approval of the multibillion-dollar project, commending APN for their ‘bold and brave initiative’ in the face of economic crisis.According to Tweya, Sungate Namibia will bring in an estimated N$800 million in foreign investment over the next decade, boost GDP by an estimated 0.5 per cent and create about 5 000 new permanent jobs.The initial development was self-funded, but APN is now seeking local funding. To that effect they are offering a 15 per cent discount on all erven until the end of August, and will also be giving Namibian investors preference for the next six weeks. There are currently 109 erven available for sale, ranging from about N$1 million to N$36 million.ndapwa@namibian.com.na