The much-awaited Goreangab Mall is scheduled to open in May next year. The new retail development in an area historically underserved by formal commercial infrastructure will span 14 500 square metres and accommodate over 40 tenants, including anchor retailer Shoprite. 

The new retail development, eagerly anticipated by residents in the surrounding communities, is part of the broader Goreangab Waterfront initiative, which includes residential units and transport infrastructure, and is expected to generate hundreds of jobs during construction and operation.

Strategically positioned to serve Goreangab, Katutura, and surrounding communities, the mall is expected to become a key retail node in the area.

To facilitate the development, Standard Bank Namibia has extended its partnership with Oryx Properties Limited through a N$178 million financing package to support the development of the Goreangab Mall. 

Standard Bank stated that the innovative financing structure pursued forms part of the bank’s infrastructure investment strategy aimed at enabling inclusive growth and sustainable urban development.

“The Goreangab Mall is not just a retail centre; it is a catalyst for growth designed to unlock economic opportunities, uplift local businesses, and stimulate long-term development,” said Pieter Conradie, Standard Bank Namibia’s client coverage manager. 

“This project speaks directly to our purpose of driving Namibia’s growth, and we’re proud to support a development that responds to real socio-economic challenges while creating space for communities to thrive.”

Francis Heunis, chief financial officer at Oryx Properties, added: “The Goreangab Mall development represents a strategic step in our ongoing efforts to grow a resilient and inclusive property portfolio. It aligns with our commitment to invest in developments that not only deliver sustainable financial returns but also contribute to meaningful socio-economic progress in Namibia. We believe this project will create long-term value for our stakeholders while addressing real infrastructure needs in underserved communities.

Oryx Properties, listed on the Namibian Stock Exchange, continues to grow its diversified portfolio across retail, industrial, office, and residential sectors in line with its strategy to support sustainable development and enhance long-term distributions to unitholders. The Goreangab Mall investment reflects this approach through targeted real estate expansion.

The transaction also reflects Standard Bank Namibia’s long-standing role in enabling progress across the country. As the bank marks 110 years of operations in 2025, its continued investment in infrastructure underscores a legacy of growth and partnership.