Well-known businessman and managing director of local property development firm, Stantoll Properties, Ben Zaaruka aims to build a small ‘Auasblick’ type of housing development in Ongwediva this year.
Zaaruka says this is the contribution he would like to make towards addressing the growing housing shortage in the northern part of the country. In addition he wants to set up affordable one-bedroom flats for students close to the University of Namibia in northern Namibia.
Zaaruka’s vision became feasible after fruitful business engagements with Standard Bank, which offered Stantoll Properties cc a financing facility of N$80 million towards Zaaruka’s property development plans in the north. The deal was signed on November 26, 2015.
“Negotiations with Standard Bank were very productive and I was pleased with the way they handled the whole business transaction in a professional and diligent manner,” said Zaaruka, who has been a Standard Bank client for the past 45 years.
The latest business partnership will enable the local property development company to develop 325 erven in Ongwediva, which will cater for upper market clients and will also provide low cost houses, especially for first-time homeowners and students.
“People always want to move away from rural areas to the city in the search of a better life. However, they don’t have to do so if we as business people can give back to the community by building affordable, cost-effective and good quality property structures in the north. This is in fact my way of ploughing back into the community and assisting government in addressing the housing shortage in our country. It is time that we also create a small Auasblick-like suburb for Namibians here,” said Zaaruka when asked what prompted him to take this step.
The two main areas of development include the housing development for students close to the University of Namibia near Extension 11 in Ongwediva and the other for the middle and upper income group at Extension 18. As well as starting with the servicing of land for the planned housing projects Zaaruka also plans to commence with the second phase of extending Oshana Mall in Ongwediva during the first quarter of 2016.