City still to determine funding model for Cimbebasia development

The City of Windhoek says it will only be able to determine the funding model for the planned Cimbebasia high density housing project, consisting of more than 900 housing units being built under a Council Rental Housing Concept when the planning and conceptualization phase of the project is completed by December 2021.

The ambitious project to be constructed on ± 24 hectares land made available and to be serviced by the municipality, will be located south of Mataman Street in Cimbebasia.

According to the municipality, the housing unit prices will range between N$380 000 and N$650 000 against the current Windhoek average house price of N$1.236 million according to the FNB House Price Index Q1 2021.

The municipality registered company, Nova Actus Holdings (PTY) LTD, which was created to deal with land and housing development in the capital, is expected to play a leading role in the realization of the project.

The company, through its subsidiary, is expected to submit a funding proposal for the development of low-cost housing for consideration to council in 6 months.

The City of Windhoek alone is estimated to have about 55,000 individuals on its housing waiting list.

Meanwhile a new cemetery with a capacity to accommodate about 14 600 graves will be set up in Rocky Crest by the City of Windhoek.

A budget of N$3 million has been made available in the 2021/2022 budget to implement phase two of the cemetery development, which will also have a new crematorium.


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Last modified on Saturday, 25 September 2021 12:24

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