• November 21st, 2018
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77 on Independence to reinvigorate Windhoek’s CBD

Business & Finance
Business & Finance

WINDHOEK - One of the the latest future additions to the City of Windhoek’s skyline, the much anticipated upmarket development known as 77 on Independence Avenue, is on track for completion by May or June 2016. The Ohlthaver and List Group of Companies, Standard Bank Namibia and Howard Chamberlain Architects yesterday confirmed that all 164 residential units in the N$210 million investment have already been sold. The residential side of the development consists of 11 one-bedroom flats, 143 two-bedroom flats and 10 three-bedroom units and includes about 1 500 square metres of retail space as well as 193 parking bays. “Windhoek’s central business district (CBD) needs to be nurtured. This investment along with the new FNB building and next year’s expansion of the Wernhil Shopping Centre will make the CBD very impressive to stand out in Africa and beyond,” said O&L Executive Chairman, Sven Thieme. He explained that the vision of 77 on Independence started about four years ago and expressed delight that the project has progressed to the extent that a final artist’s impression of the building was unveiled yesterday. Also speaking at yesterday’s event, Standard Bank Namibia’s Chief Executive, Vetumbuavi Mungunda, said the massive project, which is situated across the street from the Windhoek City Council, signifies a reinvigoration of the Windhoek city centre. “Infrastructure projects not only help to develop the economy but also help to sustain the economy for years to come. This development is a vote of confidence in the Namibian economy and in the future of Windhoek,” said Mungunda. Standard Bank Namibia is one of the co-financiers of the huge investment. “We work with corporates, financial institutions, government and property developers in multiple sectors and geographies - and this deal is just one of the many such large transactions we have concluded. These types of partnerships, combining entrepreneurs, professionals, corporate investors and financiers are necessary in order to move our country forward into economic prosperity,” added Mungunda. Meanwhile, Desmond Howard, a partner in Demushuwa Property Developers who are developing 77 on Independence, explained that the future retail mall that makes up an integral part of the project will eventually be linked to the Old Breweries Craft Market, which already includes numerous high-quality retailers, businesses and service providers. The combination of the two premises will then create and all-in-one retail and entertainment experience for both shoppers and apartment residents.
New Era Reporter
2015-04-15 10:07:37 3 years ago

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