By Hilary Mare
THE Government Institutions Pension Fund (GIPF) has pledged to deliver on pillar three of the Harambee Prosperity Plan (HPP) which deals with social progression as outlined in chapter 5 of the plan, with the fund committing itself to join the Government in its efforts of providing serviced land, housing and sanitation.
David Nuyoma (GIPF CEO) during the launch of the GIPF housing for men and women in uniform initiative last week elaborated that the Fund has responded positively to the call from the Head of State, Hage Geingob for all citizens to pull together and as such the fund gave itself a target to take up at least 30 percent or 6000 of the 20 000 houses and 7800 of the 26 000 new residential plots of the deliverables as prescribed in the HPP.
“The GIPF strategy is to use Special Purpose Vehicles (SPVs), managed by fund managers to carry out these investments on its behalf and ensure that execution and implementation are delivered in a professional manner. GIPF is in partnership with one such SPV, called Preferred Investment Property Fund (PIPF) which has been mandated to invest in both urban and industrial developments. PIPF initiated the Osona Village, where we are gathered this morning.
“This development will take place in phases and ultimately result in approximately 3 419 ervens and 11 000 residential housing units. The main objective of this development is to provide affordable serviced residential land, build capacity, and support the creation of social and economic upliftment in Namibia whilst yielding the desired investment returns for our members. The servicing of the 400 plots which marks phase 1 was completed and today we will witness the ground breaking ceremony of the commencement of the actual housing units.
“To date GIPF has committed N$3.3 billion through its UIP, the majority of which has been earmarked for property development and financing of bonds on homes for civil servants. Some of the milestones realised through this program includes the servicing of about 1 700 ervens countrywide, construction and delivery of 559 houses, financing of 1810 mortgage houses and mall developments. We are in the second phase of our UIP and have committed an additional N$2.6 billion to private equity investments, debt and infrastructure as well as land servicing and housing,” he said.
At the same event Geingob said that he was pleased by the fact that the GIPF, as part of its commitment to alleviating problems with regards to land servicing and housing, is supporting Government’s efforts by targeting to take up at least 30 percent of the deliverables of the plan, which aims to construct 20 000 new houses nationwide and service a minimum of 26 000 plots during the Harambee period.
“Through this partnership between Government, GIPF and Preferred Management Services, the Osona Village Initiative aims to contribute not only to the targeted deliverables of the Harambee Prosperity Plan, but to the wider developmental objectives of Namibia,” he said.
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