Take-over kicks off Swakop Waterfront

THE Swakopmund Waterfront Company has been without a chief executive officer (CEO) since the beginning of the month.

The former CEO, Brett Jolly was bought out by one of the two shareholders in the company, Desert Child. The other 50 per cent is held by Naras Investments.The three partners of Desert Child, who came on board in November, were also signed on as the financiers of the N$320 million development.Basil Smit, one of the Desert Child partners and owner of Realty 2000 Estate Agent in Windhoek, told The Namibian that Jolly had retained the sole rights on marketing after his company bought 50 per cent of the shares.According to Smit, Naras Investments still held half of the shares, but Desert Child was now responsible for managing the whole project.A new CEO will be appointed at the board meeting on May 5.The first signs of any physical activity at the site of the development were seen last week when samples were taken on the beach by the Council for Scientific and Industrial Research in South Africa (CSIR) and Windhoek Consulting Engineers.The CSIR has completed a model of the proposed harbour component of the project that will be tested in a wave tank for wave action and sediment transport.According to Smit, the CSIR needed samples for their current research.”Their vessel will also arrive soon to conduct a study of the sediment,” he added.As far as the residential part of the development was concerned, Smit said 46 contracts had been finalised with individual buyers.”We need to deliver 80 per cent guarantees to the bank before we can start building.As soon as we have reached that, we will start with construction,” said Smit.Dirk van der Merwe, MD of Windhoek Consulting Engineers said in an earlier interview there was an element of risk in starting with the residential part before the conclusion of the EIA, but added:”engineers will always find solutions to problems, it might just mean more costs for the developers”.The development consists of a harbour component comprising a breakwater to extend 80 to 120 metres from the high-water mark into the sea, a marina basin deep enough to accommodate sea craft with drafts up to 3,5 m, at least 40 floating berths, a slipway, a yacht club house, NSRI building, immigration and customs building, port control building and fresh water and power points as well as a fuelling station.The land-based side of the project consists of two hotels [five and three star], a time-share resort, waterside apartments, oceanfront apartments and townhouses, commercial and office units, craft and market space and a car park.The other 50 per cent is held by Naras Investments.The three partners of Desert Child, who came on board in November, were also signed on as the financiers of the N$320 million development.Basil Smit, one of the Desert Child partners and owner of Realty 2000 Estate Agent in Windhoek, told The Namibian that Jolly had retained the sole rights on marketing after his company bought 50 per cent of the shares.According to Smit, Naras Investments still held half of the shares, but Desert Child was now responsible for managing the whole project.A new CEO will be appointed at the board meeting on May 5.The first signs of any physical activity at the site of the development were seen last week when samples were taken on the beach by the Council for Scientific and Industrial Research in South Africa (CSIR) and Windhoek Consulting Engineers.The CSIR has completed a model of the proposed harbour component of the project that will be tested in a wave tank for wave action and sediment transport.According to Smit, the CSIR needed samples for their current research.”Their vessel will also arrive soon to conduct a study of the sediment,” he added.As far as the residential part of the development was concerned, Smit said 46 contracts had been finalised with individual buyers.”We need to deliver 80 per cent guarantees to the bank before we can start building.As soon as we have reached that, we will start with construction,” said Smit.Dirk van der Merwe, MD of Windhoek Consulting Engineers said in an earlier interview there was an element of risk in starting with the residential part before the conclusion of the EIA, but added:”engineers will always find solutions to problems, it might just mean more costs for the developers”.The development consists of a harbour component comprising a breakwater to extend 80 to 120 metres from the high-water mark into the sea, a marina basin deep enough to accommodate sea craft with drafts up to 3,5 m, at least 40 floating berths, a slipway, a yacht club house, NSRI building, immigration and customs building, port control building and fresh water and power points as well as a fuelling station.The land-based side of the project consists of two hotels [five and three star], a time-share resort, waterside apartments, oceanfront apartments and townhouses, commercial and office units, craft and market space and a car park.