Nedbank partners with Ongos for low-cost housing

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Responding to demand… Nedbank CIB executive Edward Turner, Annette Stafford-Evans (in red) with the directors Ongos Valley Development. Nedbank signed a partnership agreement with Ongos Valley Development, for the servicing and construction of 3 665 low- and middle-income residential housing units N$3.7 billion. Photo: Contributed

Staff Reporter

Windhoek-Nedbank Corporate and Investment Banking (CIB) has signed a partnership agreement with Ongos Valley Development, for the servicing and construction of an envisioned 3,665 low and middle income residential housing units at a total cost of N$3.7 billion.

The agreement between the two entities means Nedbank is the exclusive mandated investment bank and lead arranger to Ongos Valley Development Proprietary Limited.

The aim of the project is to alleviate the critical housing shortage in Windhoek for the low- to middle-income households by undertaking a large scale, cost effective development, driven by private initiative and supported by government.

The directors of Ongos Valley expressed joy at the partnership between the two entities, highlighting that the development will go a long way towards satisfying the housing needs of our communities.

“Our dream is to deliver a substantial amount of quality residential homes that the majority of Namibians can afford. This partnership agreement is an important step towards realizing this vision and we’d like to thank Nedbank for partnering with us on this exciting journey.”

In the long-term this project will supply more than 25,000 housing units for the low- and middle-income classes, four business centres including 106 business plots, 48 institutional plots, and over 20 percent of the development dedicated to public and conservation open areas.

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