Namibia’s Ohlthaver & List (O&L) Group and Howard Chamberlain Architects, along Standard Bank of Namibia, have clinched a property investment deal worth US$17.5 Million.
The ’77 On Independence’ project will be carried out by the three companies and will be a mixed-use development based at Windhoek, along Independence Avenue. The new building is expected to end by the end of 2016.
The ’77 On Independence’ building project will entail eleven floor apartment; there will be a retail mall, underground parking decks, gym and descent swimming pools.
Ohlthaver & List Chairperson Sven Thieme has said the building project had been on plan since the year 2011, and the achievement is a milestone and it will be completed on the time frame set.
Namibia’s Standard Bank will be the lender of the whole amount that will be used in the project, according to its CEO Vetumbuavi Mungunda, and the company said it was glad to be part of the mega building project that will also be expected to grow the economy of Namibia.
“As an important financing institution in our country, Standard Bank places a particular focus on being involved in large infrastructure projects that grow the economy and move forward our people and their livelihoods,” said Mungunda.
Currently, the property including the apartment have been fully sold. In addition to this building project, Ohlthaver & List (O&L) Group has also announced that “Phase 4” development of the Wernhil Park shopping centre will start in January 2016.