EBHN to ensure 214 Namibians own a home within 25 months

A total of 214 employees of Elgin Brown Hamer Namibia (EBHN) in Walvis Bay will be empowered to become first-time buyer homeowners within the next two years, this marine industrial and ship repair company announced earlier this week.

Referring to it as “an affordable housing initiative”, the Managing Director of EBHN Mr. Hannes Uys explained on Monday the Company purchased ten hectares of undeveloped land in Walvis Bay‘s Tutaleni suburb in 2013. After a tender process the land was handed over to developer Oshipe Turnkey Projects (Pty) Ltd to subdivide and service the land, and then construct 214 homes of various sizes on these service plots.
Employees who qualify to purchase these homes can approach a bank for a mortgage loan. The purchase price represents only the cost of servicing the land and the construction expenses. The mortgage holder gets the plot for free.
“We identified a serious shortage of housing in Walvis Bay in 2013. We were mindful as a result of the shortage many of our staff members are not in a position to own a house”, explained Uys on Monday during the signing of the Developer’s Agreement with Oshipe Turnkey Projects (Pty) Ltd. The agreement makes provision for the subdivision and servicing of the land and the construction of the houses in a project time frame of 25 months.
The signing took place at the EBHN headquarters in Walvis Bay where both the Company and the Developer entertained questions by the media.
“The land appreciated in value since the purchase.Our qualifying prospective home owners will benefit so much more from this improved value”, explained Uys.
EBHN will not make any profits from the project, but in essence incurred a direct cost of several million Namibia Dollar for the purchase of the land as well as the opportunity cost in the escalation of the value of the land.
Uys explained apart from assisting Namibians to own a home and in essence helping to “build the inclusive Namibian house”, this project also provides motivational factors leading to retaining skilled employees and improve work performance.