Old Mutual invests N$12.75m in Mariental housing

The Old Mutual Investment Group has invested N$12.75 million in the Mariental Extension 6 Affordable Housing Development to expand access to affordable housing in the Hardap region.

The project, launched at Mariental on 18 March, includes the servicing of 311 residential plots, consisting of single and general residential erven, with 87 plots already completed.

The initiative was launched to meet the growing demand for affordable, serviced land and housing at the town.

The investment group is participating in the project as a financier through the Tunga Fund, backed by the Government Institutions Pension Fund.

It is sponsored and developed by Dynamo Properties, in partnership with Dunamis and the Residential Property Fund Africa, and the Mariental Municipality.

Investment group chief investment officer for unlisted investments Sara Engo says the company initially committed N$60 million to the development, but only N$12.75 million was deployed due to Covid-19 challenges which affected property sales, affordability and construction progress.

However, she says despite the challenges, the project has now reached a critical delivery milestone.

“The strength of this project lies not only in the capital invested, but in the partnerships that remained intact through difficult cycles.

Today marks a shift from delay to delivery, and a renewed platform for accelerating affordable housing development,” she says.

Engo says the development not only provides housing opportunities but also contributes to economic participation, job creation and long-term community stability.

The project aligns with Old Mutual’s long-term mandate to invest responsibly by delivering competitive financial returns alongside measurable social impact.

“Mariental Extension 6 represents partnership, resilience and a shared commitment to improving the lives of Namibian families,” she says.

The developmental project is further supported by pension-backed end-user financiers Kuleni, First Capital and local commercial banks, highlighting a full value chain approach, from land servicing to housing finance, required to meaningfully address Namibia’s housing challenge.

The investment group is committed to raising additional capital through the Old Mutual Housing Fund to support affordable housing and accommodation developments, including targeted initiatives such as nurses’ housing.

Old Mutual is a pan-African financial services company, providing financial solutions, including insurance, savings, investment, and lending.

The company operates in more than 10 countries across two continents. In Namibia, Old Mutual has a long-standing presence of over 100 years with more than 800 people across all 14 regions.

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