Photo: Adam Hartman Housing & Property€¦ · 24.5 % in FY 10 to 22.3% in FY1 4 over the last 5 years while NED share has slig htly decli ned to 11.7% from a1 2.6% level. Table 1:

A Publication of

pg 4 pg 15pg 14

The state of the Namibian mortgage market

Compiled by: The Namibian Strategic Publications Division

8 THE NAMIBIAN

Note the following two comments from BWH and FNB Namibia on the state of their books:

Why is BWH’s early arrears so much lower than the other banks?• BWH has early arrears figures of

0.8% of their home loan book, while the other banks are at 5% or higher;

• BWH has a very localised, decentralised and personalised credit process. Decisions on credit are made by people who know the client. This makes these decisions better.

Is FNB concerned about the level of early arrears in their home loan book?• They do not see these early ar-

rears spilling over into the NPLs• They have invested heavily in

their collection centre and are very happy with the results

• They have already turned more conservative in their lending practices, implementing the higher deposit requirements (0% on 1st property, 20% on 2nd property, 30% on 3rd property 40% on all other) of the Bank of Namibia even before it became a requirement.

• Affordability is their key lend-ing criteria and this has been tightened as well. They are still comfortable with the affordabil-ity ratio of their current home loan book.

The state of the Namibian mortgage marketMORTGAGE loans have gained in significance over the last decade and remain a major earnings driver for local commercial banks. The total mortgage loans consisting of commercial and residential loans between the four commercial banks amounted to about N$32.6bn and account on average for about 46.2% of total average gross advances at the latest year-ends. BWH has retained its position as market leader with 36.3% market share up from 33.4% in FY14. BWH has gained significant market share over the last 5 years overtaking FNB as the market leader in FY12.

FNB has lost some market share over the last 10 years from 43.6% in FY04 to 32.8% in FY15, primarily giving it up to BWH who rapidly gained market share from 21% in FY04 to 36.3% at FY15. BWH’s mortgage loan book amounted to N$11.9bn at June 2015 followed by FNB with N$10.7b. SBNH’s market share also declined from 24.5% in FY10 to 22.3% in FY14 over the last 5 years while NED’s share has slightly declined to 11.7% from a 12.6% level.

The latest results reported at 30 June FY15 loan book at N$11.9b while FNB’s amounted to N$10,6b.

Residential loans account for about 54% of BWH’s mortgage loan book and all mortgages make up 49.8% of total advances at FY15.

While all of the local banks have grown mortgage loans at a rapid pace over the last 7-10 years, BWH has grown its mortgage loans at the fastest annualised rate of 19.7% over the last 7 years. SBNH reported the slowest compounded annual growth rate (CAGR) of 9.2% over the last 7 years.

PSG Namibia | 1st Floor, 5 Conradie Street, Windhoek | PO Box 196 , Windhoek, Namibia | Tel: +2 64 (61) 378 900 | Fax: +2 64 (61) 378 901 | [email protected] | psg.com.na

PSG Namibia - W alvis Bay | Courtyard, CLA Building, 84 Theo Ben Gurirab Street, Walvis Bay | Tel: +2 64 (64) 207 970 | Fax: +2 64 (64) 207 971 | [email protected] | psg.com.na PSG Wealth Management (Namibia) (Pty) Ltd is a member of the Namibian Stock Exc hange and an authorised financial services provider.

TALKING POINT – THE STATE OF THE NAMIBIAN MORTGAGE MARKET This series comprises extracts from our full Namibian Banking Review 2015. The full report is available here or by contacting [email protected] .

11 January 2016

Mortgage loans have gained in significance over the last decade and

remain a major earnings driver for local commercial banks . The total

mortgage loans consisting of commercial and residential loans

between the four commercial banks amounted to about N$ 32.6 bn

and account on average for about 46.2 % of total average gross

advances at the latest year-ends. BWH has retained its position as

market leader with 36.3 % ma rket share up from 33.4% in FY14 .

BWH has gained significant market share over the last 5 years

overtaking FNB as the market leader in FY 12.

C hart 1: M ortgage Loans Market Share (% )

Source: PSG, Annual Reports

FNB has lost some market share over the last 10 years from 43.6 % in

FY04 to 3 2.8 % in FY1 5, primarily giving it up to BWH who rapidly

gained market share from 21% in FY0 4 to 36.3 % at FY1 5

mortgage loan book amounted to N$ 11.9 bn at June 2015 followed

by FNB with N$ 10.7

24.5 % in FY 10 to 22.3 % in FY1 4 over the last 5 years while NED

share has slightly declined to 11.7% from a 12.6 % level.

Table 1: M ortgage loans - C AGR (% )

1 year 3 years 5 years 10 years FNB 10.6% 14.0% 12.3% 11.2% NED 13.4% 11.3% 12.7% 18.8% SBNH 9.5% 10.8% 10.5% 12.9% BWH 19.5% 16.7% 18.6% 19.5%

Source: PSG. Annual Reports

The latest results reported at 30 June FY1 5

loan book at N$ 11.9 10.6bn .

Residential loans account for about 54

book and all mortgages make up 49.8% of total advances at FY15 .

While all of the local banks have grown mortgage loans at a rapid

pace over the last 7 -10 years, BWH has grown its mortgage loans at

the fastest annualised rate of 19.7% over the last 7 years. SBNH

reported the slowest compounded annual growth rate (CAGR ) of

9.2 % over the last 7 years.

C hart 2: C AGR (% ) 5 years


Chart 2 shows BWH superior growth in mortgage loans over the last

5 years growing by a CAGR of 18.6 %. Although NED has the smallest

mortgage loan book amongst the local banks, it has grown its book

at the 2 nd fastest pace over the last 5 years at a CAGR of 12.7 % while

SBNH reported the slowest growth of 10.5 % over the same period.

Table 2: M ortgage Loans (N$000)

FY12 FY13 FY14 FY15 FNB 7 221 825 8 442 123 9 667 352 10 694 799 NED 2 782 832 3 065 491 3 476 328 4 601 266 SBNH 5 452 071 6 042 297 6 616 835 7 063 798 BWH 7 458 701 8 499 995 9 919 583 11 850 416


34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH

FY10 FY11 FY12 FY13 FY14 FY15

12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH




11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH

Chart 2 shows BWH superior growth in mortgage loans over the last 5 years growing by a CAGR of 18.6%. Although NED has the smallest mortgage loan book amongst the local banks, it has grown its book at the 2nd fastest pace over the last 5 years at a CAGR of 12.7% while SBNH reported the slowest growth of 10.5% over the same period.




11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH

ADVERT

Housing & PropertyPhoto: Adam Hartman

Housing price indexshows recovery

Nam women lead the way in housing development

2 28 | July | 2016 Housing & Property Diary

bidders, but to the bidder who submitted a purchase offer closest above the average price of all the bids received for a specific erf.

A minimum and maximum price are indicated; a purchase price between these two amounts must be offered for each one of the erven the bidder chooses.

Bidders are therefore encouraged not to submit high bids (erf prices therefore remain relatively low and affordable); and a register is available of all bids for possible future allocation of each specific erf. The next highest qualifying bidders are also listed should the successful bidder fail to comply with the conditions of sale. Therefore, the

next qualifying bidders are then offered the specific erf for sale.

Swakopmund has a progressive record when it comes to land delivery.

Since 2011, 7 463 erven were earmarked for development – the majority planned for 'Matutura' (which is to become the new name of the DRC informal settlement).

Of these about 1 600 were made available, including the approximately 3 000 that were pushed through last year for the mass housing programme. Another 1 250 are expected to be available this year, bringing the total available erven to about 5 600.

This is more than 1 000 developed

erven a year since 2011, but had it not been for the mass housing 'boost', only 2 600 erven would have been available – which is about 500 erven a year.

According to Ipinge another dominant factor serving as a challenge is the lack of funds to provide the much needed services and housing.

“Government was made aware of the tremendous demand and total lack of funds to cater for provision of services and housing for the large informal housing community, yet the magnitude of the situation is national and one should not expect that funds should be allocated to only Swakopmund,” he said.

™

the hire empire

THE OTHER SIDE … One of Swakopmund’s up market houses along the ocean. Photos: Adam Hartman

Swakop’s balancing act with land

AUCTION... (Above) The serviced area on which 152 erven will be auctioned to low to middle income bidders in September. The area is situated in Mondesa.

SEA FRONT... (Left) The Mile 4 Extension 1 servicing is probably the last sea front plot being solely developed by the Swakopmund municipality. The municipality has decided to hold block developments by private developers, opting to do it itself for the sake of regulating land sales and ensuring maximum input into its own coffers.

• ADAM HARTMAN

THE Swakopmund municipality's dedication to ensure low-income earners also get a piece of

serviced land often means sacrificing the conveniences of 'red-tape' excuses. It is for this reason that Swakopmund has become an exemplary municipality when its comes to the provision of land and services to the poor.

“When considering the poor, we always remember that they are as deserving of good quality products as the next person. We want to make sure that services and housing complies with the standards every resident should enjoy for every part of town,” said Swakopmund acting chief executive officer Mike Ipinge.

“Our council does not have classification of living standards to define areas for the rich, the poor or the middle-income groups.”

Swakopmund caters for the full spectrum of income groups as is expected of all local authorities, according to him.

One of the aspects that makes land and service delivery unique in Swakopmund is that services are installed in an orderly and structured manner at minimal cost against substantial pressure of delivery, such as the insistence of the National Housing Enterprise that land be made available for housing construction even though town planning statutory processes are not completed.

Last year The Namibian reported on the more than 3 000 erven made available by Swakopmund for mass housing that were not ready to be handed over because of statutory processes that had to be finalised. The erven were nevertheless identified and made available and mass housing units were built on them even though the process was not completed.

Only now that the process has been finalised and the houses completed, is the municipality able to provide service to the houses – and then only can they be allocated to the beneficiaries.

As a result, according to Ipinge, the construction of the houses prior to completion of the statutory processes resulted in considerable complications

which delayed the processes, required alterations to the layouts and alterations to the designs of the services. Additionally the installation of services after housing construction complicates matters especially if blasting into rock is required in close proximity to the houses.

“Having said this, however, the services have been successfully installed to date and is expected to be successfully completed even though the presence of informal housing structures in the construction area are the next challenge. This latter situation is expected to be moderated by good communication with the future recipients of the services,” he explained.

On completion of the works, 3 034 single residential erven will have been serviced in support of the mass housing development project on the one hand, while the council on the other hand remains proactive in the face of challenges, and has already embarked on a strategic plan to provide several thousand erven per year to target the full spectrum of income groups, but with specific emphasis on the lower income groups.

In September 152 erven will be on auction near the DRC settlement.

Bidders are pre-qualified and subsequently registered in various income groups: 80 erven for middle low income (earning N$3 000 to N$5 999 per month); 44 erven for upper low income (earning N$6 000 to N$8 999); and 28 erven for low middle and diddle income (earning N$9 000 to N$14 999).

“The registration process is open to the general public on condition that they comply with council’s conditions, which are among others being a local resident and not owning or previously owned any immovable property in Namibia,” said Ipinge.

To ensure maximum benefit for the bidder, and to avoid the 'rich' snatching erven from poor first time home owners, the Swakopmund municipality has adopted the 'cost limited average price' system (Clap system), which is a computerised system according to which erven are not allocated to the highest

328 | July | 2016Housing & Property Diary

erven a year since 2011, but had it not been for the mass housing 'boost', only 2 600 erven would have been available – which is about 500 erven a year.

According to Ipinge another dominant factor serving as a challenge is the lack of funds to provide the much needed services and housing.

“Government was made aware of the tremendous demand and total lack of funds to cater for provision of services and housing for the large informal housing community, yet the magnitude of the situation is national and one should not expect that funds should be allocated to only Swakopmund,” he said.

Mr. Erastus NikodemusOwner and Managing Member

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I believe that the Public Private Partnership we have with the Eenhana Town Council is further being cemented by our collective aspiration to witness all members of our communities benefiting from our developmental programmes and initiatives. We will continue to seek and explore creative ways to deepen our solid relationship that is based on honest, integrity and fairness with both our Government and other stakeholders in order to provide quality affordable houses for our low income people.

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Swakop’s balancing act with land

AUCTION... (Above) The serviced area on which 152 erven will be auctioned to low to middle income bidders in September. The area is situated in Mondesa.

SEA FRONT... (Left) The Mile 4 Extension 1 servicing is probably the last sea front plot being solely developed by the Swakopmund municipality. The municipality has decided to hold block developments by private developers, opting to do it itself for the sake of regulating land sales and ensuring maximum input into its own coffers.

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8 THE NAMIBIAN


















11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH




11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH





11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH

ADVERT

528 | July | 2016Housing & Property Diary9THE NAMIBIAN

Chart 3: Age analysis of FNB mortgage loans

Source PSG, Annual Report

Chart 4: Age analysis of BWH mortgage loans


Chart 5: Age analysis of NED mortgage loans


SBHN has a much lower ratio for loans in good standing than the other Namibian banks. This could be due to timing differences in their system. We do, still see the trend of an increase over the last few years in early arrears even though FY14 showed some improvement to 11.2% of their home loan book from 13.5% in FY13.

Digging deeper: Under how much pressure is the homeowner?

Chart 6: Age analysis of SBNH mortgage loans


WHY DO WE CARE: This prevailing trend of the early arrears number increasing for the past 4 years is an indication of the pressure building on the Namibian consumer. It is likely that these mortgage loan arrears do not relate to primary residences, but more to investment properties where tenants might be struggling to make rent payments. These early arrears have not yet fed through to larger impairment and credit loss numbers, but this is a possible result in the future. The current depreciation in the NAD/USD exchange rate could push inflation higher which will in turn put upward pressure on interest rates. Higher interest rates are likely to make mortgage payments all the more unaffordable and we could see higher impairment figures from the banks. This will also have an adverse effect on the housing market.

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An analysis of the credit quality of the mortgage loan books, have yielded thought-provoking results. Even though impairment figures in the mortgage home loan books have remained at the same level since 2011, there is evidence of pressure on the consumer in the ratio of the books which are 1 or 2 instalments behind.

For FNB, the ratio of the book in good standing has declined from 98.1% in FY11 to 94.0% in FY15. The ratio of the mortgage loan book which has missed one or two instalments has increased every year, from 0.7% in FY11 to 5.0% in FY15.

The situation looks markedly different for BWH. Information is only available since its listing in 2012, but the overall % of the loan book in good standing has remained above 98.6% since then. The model that BWH applies where each branch manager is responsible for managing his/her own book could be the reason for their superior early arrear numbers. Despite this, there is also a trend of the % of early arrears, which are not accounted for in non-performing loans, increasing every year.

NED have managed to improve their loans in good standing from 93.1% of the portfolio in FY11 to 96.0% in FY14. We can, however still see the trend of an increase in early arrears in the last few years.

* It is important to remember that the info for FNB and Bank Windhoek is a year old, their year-end is end of June.

Nedbank:Good standing Early arrears Impaired

2011 95.00% 2.10% 2.90%2012 96.10% 1.20% 2.70%2013 94.50% 2.80% 2.70%2014 94.50% 3.20% 2.30%2015 89.40% 8.50% 2.10%

Standard Bank:Good standing Early arrears Impaired

2011 89.00% 8.70% 2.30%2012 86.50% 11.10% 2.40%2013 84.20% 13.50% 2.30%2014 86.30% 11.20% 2.50%2015 85.60% 10.80% 3.60%

Bank Windhoek:Good standing Early arrears Impaired

2013 98.64% 0.61% 0.75%2014 98.60% 0.93% 0.60%2015 98.62% 1.01% 0.65%

FNB:Good standing Early arrears Impaired

2007 94.70% 3.00% 2.30%2008 94.50% 2.80% 0.30%2009 94.40% 3.00% 2.60%2010 96.10% 2.10% 1.80%2011 98.10% 0.70% 1.20%

75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

89.00% 86.50%

84.20% 86.30% 85.60%

8.70% 11.10% 13.50% 11.20% 10.80%

2.30% 2.40% 2.30% 2.50% 3.60%

Good standing Early arrears Impaired

75%

80%

85%

90%

95%

100%

2013 2014 2015

98.64% 98.60% 98.62%

0.61% 0.93% 1.01% 0.75% 0.60% 0.65%


75%

80%

85%

90%

95%

100%

2007 2008 2009 2010 2011

94.70% 94.50% 94.40% 96.10% 98.10%

3.00% 2.80%

3.00% 2.10% 0.70%

2.30% 0.30% 2.60% 1.80% 1.20%


75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

95.00% 96.10% 94.50% 94.50% 89.40%

2.10% 1.20% 2.80% 3.20% 8.50%

2.90% 2.70% 2.70% 2.30% 2.10%



2011 95.00% 2.10% 2.90%2012 96.10% 1.20% 2.70%2013 94.50% 2.80% 2.70%2014 94.50% 3.20% 2.30%2015 89.40% 8.50% 2.10%


2011 89.00% 8.70% 2.30%2012 86.50% 11.10% 2.40%2013 84.20% 13.50% 2.30%2014 86.30% 11.20% 2.50%2015 85.60% 10.80% 3.60%


2013 98.64% 0.61% 0.75%2014 98.60% 0.93% 0.60%2015 98.62% 1.01% 0.65%


2007 94.70% 3.00% 2.30%2008 94.50% 2.80% 0.30%2009 94.40% 3.00% 2.60%2010 96.10% 2.10% 1.80%2011 98.10% 0.70% 1.20%

75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

89.00% 86.50%

84.20% 86.30% 85.60%

8.70% 11.10% 13.50% 11.20% 10.80%

2.30% 2.40% 2.30% 2.50% 3.60%


75%

80%

85%

90%

95%

100%

2013 2014 2015

98.64% 98.60% 98.62%

0.61% 0.93% 1.01% 0.75% 0.60% 0.65%


75%

80%

85%

90%

95%

100%

2007 2008 2009 2010 2011

94.70% 94.50% 94.40% 96.10% 98.10%

3.00% 2.80%

3.00% 2.10% 0.70%

2.30% 0.30% 2.60% 1.80% 1.20%


75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

95.00% 96.10% 94.50% 94.50% 89.40%

2.10% 1.20% 2.80% 3.20% 8.50%

2.90% 2.70% 2.70% 2.30% 2.10%



2011 95.00% 2.10% 2.90%2012 96.10% 1.20% 2.70%2013 94.50% 2.80% 2.70%2014 94.50% 3.20% 2.30%2015 89.40% 8.50% 2.10%


2011 89.00% 8.70% 2.30%2012 86.50% 11.10% 2.40%2013 84.20% 13.50% 2.30%2014 86.30% 11.20% 2.50%2015 85.60% 10.80% 3.60%


2013 98.64% 0.61% 0.75%2014 98.60% 0.93% 0.60%2015 98.62% 1.01% 0.65%


2007 94.70% 3.00% 2.30%2008 94.50% 2.80% 0.30%2009 94.40% 3.00% 2.60%2010 96.10% 2.10% 1.80%2011 98.10% 0.70% 1.20%

75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

89.00% 86.50%

84.20% 86.30% 85.60%

8.70% 11.10% 13.50% 11.20% 10.80%

2.30% 2.40% 2.30% 2.50% 3.60%


75%

80%

85%

90%

95%

100%

2013 2014 2015

98.64% 98.60% 98.62%

0.61% 0.93% 1.01% 0.75% 0.60% 0.65%


75%

80%

85%

90%

95%

100%

2007 2008 2009 2010 2011

94.70% 94.50% 94.40% 96.10% 98.10%

3.00% 2.80%

3.00% 2.10% 0.70%

2.30% 0.30% 2.60% 1.80% 1.20%


75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

95.00% 96.10% 94.50% 94.50% 89.40%

2.10% 1.20% 2.80% 3.20% 8.50%

2.90% 2.70% 2.70% 2.30% 2.10%



2011 95.00% 2.10% 2.90%2012 96.10% 1.20% 2.70%2013 94.50% 2.80% 2.70%2014 94.50% 3.20% 2.30%2015 89.40% 8.50% 2.10%


2011 89.00% 8.70% 2.30%2012 86.50% 11.10% 2.40%2013 84.20% 13.50% 2.30%2014 86.30% 11.20% 2.50%2015 85.60% 10.80% 3.60%


2013 98.64% 0.61% 0.75%2014 98.60% 0.93% 0.60%2015 98.62% 1.01% 0.65%


2007 94.70% 3.00% 2.30%2008 94.50% 2.80% 0.30%2009 94.40% 3.00% 2.60%2010 96.10% 2.10% 1.80%2011 98.10% 0.70% 1.20%

75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

89.00% 86.50%

84.20% 86.30% 85.60%

8.70% 11.10% 13.50% 11.20% 10.80%

2.30% 2.40% 2.30% 2.50% 3.60%


75%

80%

85%

90%

95%

100%

2013 2014 2015

98.64% 98.60% 98.62%

0.61% 0.93% 1.01% 0.75% 0.60% 0.65%


75%

80%

85%

90%

95%

100%

2007 2008 2009 2010 2011

94.70% 94.50% 94.40% 96.10% 98.10%

3.00% 2.80%

3.00% 2.10% 0.70%

2.30% 0.30% 2.60% 1.80% 1.20%


75%

80%

85%

90%

95%

100%

2011 2012 2013 2014 2015

95.00% 96.10% 94.50% 94.50% 89.40%

2.10% 1.20% 2.80% 3.20% 8.50%

2.90% 2.70% 2.70% 2.30% 2.10%


Pam Golding Properties

“We are Pam….” IN 1976, Pam Golding identified the need for a discreet and professional agen-cy within the South African real estate market. The group has since developed into a world-class global organisation comprised of a number of operating companies which cover the full spectrum of the property market in sub-Saharan Africa and internationally.

“It’s always been about the people. I was loyal to them, but they were also loyal to me. PGP people just have something.” – Pam Golding (Founder

and Life President)

Find us: Admin Office: - 061 302 817 Unit 4-6, Bougain Villas, Sam Nujoma Drive, Klein Windhoek

Sales Office: - 061 250 144Shop nr. 256, The Grove Mall of Namib-ia, Kleine Kuppe

Swakopmund Office: - 064 405 132 49 Sam Nujoma Avenue

“The greatest reward of a 40-year legacy is seeing the spirit of Pam in each and every one of our ex-traordinary people. A legacy at your service.” – Dr Andrew Golding (Chief Executive)

8 THE NAMIBIAN


















11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH




11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH





11 January 2016
















by FNB with N$ 10.7

























34.1%

12.6%

24.5%

28.8%

11.7%

22.3%

32.8%36.3%

0%

10%

20%

30%

40%

FNB NED SBNH BWH


12.3% 12.7%

10.5%

18.6%

0%2%4%6%8%

10%12%14%16%18%20%

FNB NED SBNH BWH

ADVERT* Article compiled by Eloïse du Plessis of PSG Namibia


THESE are developers with a vision of a better future, not just of profits. This is the

impression that you get while talking to the passionate driving force behind Nuvella and Fabiola Investments, Christophe Van de Vijver.

Their bright, airy offices are covered with plans and proposals for projects that contribute to the greater good of Windhoek and Namibia. Starting as lodge developers, the company soon realised there were more challenge and satisfaction in working on development projects aimed at streamlining the efficiencies of Windhoek.

Fabiola Investments, has recently completed the Shali Industrial Park, located on the way to Okahandja, neighbouring the Elisenheim development. Fabiola Investments developed the plots complete with sewerage, water, roads and electricity and have handed them over to the city of Windhoek. The first transfers have been completed and construction by the new owners will begin shortly.

The only realistic areas for expansion in Windhoek, according Christophe is northwards, away from the hills surrounding the east, west and south of the city. With this in mind the location of the industrial estate will become increasingly centralised as the city expands. Christophe predicts that in the next 30 years, the area between Windhoek and Okahandja will become fully developed.

The estate is 17 hectares in size and

has 106 000 square metre of sellable land in 38 plots. The size of the plots vary between 1 000 square metre and 12 000 square metre. The smaller plots were designed with SME’s in mind, as they tend to be less able to purchase large plots of land without financing. In future it if foreseen that there will also be the option of the developer doing the construction and a long-term lease with the option to buy with the client. This provides a stepping-stone to smaller companies and start ups.

Nuvella also has an interest in developing realistic affordable housing options in the capital. However, they voice their concerns about the slow bureaucratic process of land development, which seriously impedes progress and hinders investment. The slow pace of progress means that long-term capital is needed to invest in affordable housing and this scares away financiers to the detriment of those in need of homes. Speeding up the process would be a taking a big

step in the right direction of solving the housing shortage. Christophe suggests that Namibia should try and adopt a system similar to the Kenyan model, which insists on approval or rejection within six months. In the Kenyan model, if no feedback is given within six months, the building is allowed to go ahead.

Nuvella is trying to assist where they can. They are working to unlock foreign capital at better rates, by focusing on large-scale projects.

“Bigger projects make it more affordable for the buyers,” says Christophe “as the economy of scale savings can be passed on to the end consumer”.

He adds when companies are trying to develop a number of small areas the prices balloon and logistical problems occur.

To solve the housing shortage of Windhoek and Namibia you only need a few large scale projects that deliver efficient and affordable houses to those who are in need.

While rental prices are a problem in Windhoek, Christophe advises against rent control.

He says it is far more important to fix the problem at the source, by increasing the rate of home building by speeding up the bureaucratic process. A healthy construction industry is critical for a healthy economy says Van de Vijver and to ensure that it is Namibians benefiting from their building projects, Nuvella mostly hire local contractors. POSITIVE … Managing director Christophe Van de Vijver on the left.

The Do-good Developers A healthy construction industry is critical for

a healthy economy and to ensure that it is

Namibians benefiting from their building projects, , Nuvella mostly hire local

contractors.

NOT QUITE a bargain‚ but N$290 million for a new fully furnished‚ three-storey

house that comes along with seven bedrooms‚ nine bathrooms‚ eight garages‚ all the art in the house‚ two luxury cars and spectacular views is a fair price‚ said the estate agent who sold the property.

The award-winning house‚ which is situated in Bantry Bay and scooped up by a German couple‚ broke the record for the most expensive house sold in Cape Town by approximately N$190 million‚ said Dogon Property Group’s Adrien Epstein.

There had almost been a “ceiling” on prices when it came to properties in the city‚ and there had been no trade over the N$100 million mark‚ Epstein said.

This “ceiling”‚ he added‚ was somewhat problematic because there are homes in Cape Town which‚ when the cost of the land and the of

construction are taken into account‚ are worth more than N$100 million.

“I think that these high-value property transactions inspire confidence and encourage other buyers to invest‚” Epstein said.

The house comes with two plots of vacant land on either side to maintain the “privacy” of the house and to prevent anyone from building anything‚ Epstein said.

Designed by SAOTA‚ an international architecture and design practice based in Cape Town‚ the 5200m² house is perched on top of the city‚ offering spectacular views of the Atlantic seaboard to the east and the Twelve Apostles and Clifton to the and west.

The house also has large infinity pool and staff accommodations.

Epstein said that the buyer had been looking to buy a property in Ibiza or Saint-Tropez‚ but‚ while in Cape Town visiting friends

that Epstein had previously sold a property to‚ they suggested Epstein showed them a few places‚ and they were sold on the Bantry Bay property.

“When you buy a top-end property in [locations like Ibiza and Saint-Tropez]‚ then N$290 million is average; it is not an extraordinary price‚” Epstein said.

“Cape Town has been creeping in that direction for a long time‚ for the last 10 years‚ it has slowly been getting onto the international map…although the lower and middle market has benefited enormously from that surge from international visitors it is now translating into the very top end of the market,” Epstein said.

Epstein said that the price was set by the seller‚ and it took a couple of days to have a “meeting of minds” between the buyers and seller.

– TMG Digital/BDlive

This is SA’s record-breaking N$290 million home


POSITIVE … Managing director Christophe Van de Vijver on the left.


Elisenheim,a beacon of hope for property buyers(future home owners)

Trustco Properties Holdings Ltd, the property management subsidiary of Trustco Group Holdings Ltd,

recently announced a plot and plan offering at the Elisenheim Lifestyle Estate.

Trustco Properties offers buyers the opportunity to choose the best plot, with a plan that suits their lifestyle. The new Elisenheim plot and plan offer effectively makes property acquisition a give-away at the starting price of N$1.8 million – considering the current property market.

Speaking on the advantages of buying plot n plan, as it is informally referred to, the Chief Operations Officer of Trustco Properties, Schalk Kruger explained that the “Most important aim for this project is providing the market with an affordable opportunity to own a home of their own. Chances are that property prices will keep rising; this offer will prove a great investment by the time the buyer moves in.”

He added: “Our prospective buyers are spoilt for choice; not only do we have a wide selection of City of Windhoek-approved plans, buyers have the option to choose from a range of great plots.”

Kruger advises buyers to consider their desired future extensions when studying each package on offer.

An enthusiastic buyer, who showed excitement at owning “A truly personal space,” commented on how the current property market is discouraging and pushing people into living in impersonal apartment buildings.

Elisenheim, Namibia’s largest

residential development to-date, is Trustco Properties’ response to a shortage of residential properties in Namibia’s central region and is positioned to complement Government’s drive to provide housing to Namibian citizens. The Elisenheim Lifestyle Estate caters for the medium income housing market.

The estate currently houses 6 000 general residential plots, with town planning having made provision for community-, school- and commercial zoned erven. Development on these is proposed to commence by 2018. Elisenheim also houses a large water

reservoir and a waste water management plant to ensure minimal ecological damage – caused by water pipes and electricity poles.

“Buyers are not only investing in a personalised space on an unspoilt mountainous landscape, they are also purchasing a property that requires minimal service from the environment,” says Kruger. The town planning is developed with provision of clear visual lines to allow neighbours a wide-shot view of the streets and their neighbours, and in that manner provide a greater sense of security.

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• STAFF REPORTER

ONGWEDIVA is developing at an astonishing pace. Having doubled in population in the last 15 years,

there is no doubt that Ongwediva not only has an amazing standard of living, but is a prime investment opportunity.

Seeing the need to give their hometown a fresh and modern facade, Blue Orange Property Developers are in the final stages of completing construction on Ongwediva's soon-to-be most enviable address.

A passion project of Blue Orange Property Developers, a dynamic urban development firm and commercial real estate developer, whose experience working in the luxury markets in Cape Town have inspired them to bring something unique developments back home.

Thirty eight modern estate style 2-bedroom apartments will soon grace the B1 main road at Ongwediva opposite the Hifikepunye Pohamba Campus (Unam), offering residents a stylish safe haven and investors, guaranteed returns and peace of mind.

“We decided not to build the usual apartments, but wanted to add style, elegance to the town's property market, while at the same time incorporating nature into every aspect, to make it a relaxing green space,” said Eli Moses, managing director of Blue Orange Property Developers.

Not only do all the apartments boast top finishes and architectural accents that are not only attractive, but functional and add

NEW

amenG A R D E N S

▶ Privately Styled Spacious Apartments

▶ Balcony and Backyard Garden

▶ Amazing Swimming Pool

▶ Secure Covered Parking

▶ 24 Hours Security

Upmarket Modern Estate Styled

APARTMENTS2 BEDROOM

798,000N$SELLING FROM

ONGWEDIVA EXT 15.

Anneka Van Zyl081 283 5990

[email protected]

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ONGWEDIVA EXT 15.

Dina ShilongCell: +264 81 22 6572 [email protected]

VeroniqueCell: +264 81 169 6213Fax: +264 64 212 450

CONTACT US:


Moira Hanekom081 148 4982

exquisite upmarketliving experience

Interior: Look and Feel

superb modern furnishings.

breath-taking anddelightful comfort

Amen Gardens offers modern and sophisticated aesthetics with a blend of sturdy and strong executions, added with a subtle charm. Amen Gradens is situated in the heart

of Ongwediva Ext 15, opposite the Pohamba UNAM Campus.

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Amen Gardens –Ongwediva's New Oasis

Canada province slaps tax on foreign estate buyers

OTTAWA – The Canadian province of British Columbia announced it will

impose a 15% tax on foreigners who buy residential property in Vancouver, a city with a housing shortage and soaring real estate prices. The tax – which will go into effect 2 August – is the latest in a series of measures designed to rein in the area's overheated housing market, owed in part to an influx of foreign buyers. "Owning a home should be accessible to middle-class families, and those who are in a position to rent should be able to find a suitable home," British Columbia premier Christy Clark said. "These changes are about helping to make sure that British Columbians can continue to live, work and raise their families in our vibrant communities." The additional property transfer tax rate of 15 percent will apply to both buyers who are foreign nationals and foreign-controlled corporations that register their residential purchases in Vancouver.

Housing crisis driving record building activity

WELLINGTON – Construction activity in New Zealand is at record

levels as the country struggles with a housing crisis and continues to rebuild its earthquake-battered second city of Christchurch, according to a government-commissioned report. The National Construction Pipeline Report showed annual construction activity across New Zealand had topped an all-time high of 31 billion NZ dollars (US21,72 billion) and was projected to reach 37 billion NZ dollars (US25,93 billion) in 2017. "The report shows residential construction is particularly strong and forecasts construction activity to remain stronger for longer as compared to last year's report, with the boom continuing to 2021," building and housing minister Nick Smith said in a statement.

Property inspector killed in house explosion

OMAHA – Authorities say a woman killed when a house in Omaha

exploded was a property inspector sent to check its condition after a tenant was evicted. Police say 30-year-old Clara Bender died after being taken to Nebraska Medical Centre. The explosion occurred around 12h15 on Monday in Omaha's Benson neighbourhood. A 46-year-old woman who lives next door and a 14-year-old boy also were hospitalised. Police and fire officials are investigating. The explosion levelled the house and heavily damaged four adjacent homes. Authorities say Bender worked for Certified Property Management. Company president Jeremy Aspen says Bender was married to another of his employees.

Too early to lift property cooling measures

SINGAPORE – It is "too early" for the government to consider lifting the

property cooling measures currently in place, as it looks to make sure the gains "painstakingly made" are entrenched, managing director of the Monetary Authority of Singapore said this week. Menon said it is also to make sure the local property market is on a "sustainable path" and that household balance sheets become stronger to "withstand shocks". Menon's comments reiterated national development minister Lawrence Wong's own, which were made in April this year. He said that while the cooling measures have been effective in stabilising the property market, relaxing them too early may risk a premature market rebound. Menon said the contribution of accommodation costs to inflation has come down significantly, while the balance sheets for households show signs of strengthening with the moderating of annual growth in household debt.

– Nampa-AFP-Xinhua-AP-ChannelNewsAsia

World of Property in Brief

to atmosphere at Amen Gardens. Other highlights that set this property

includes a beautiful garden, solar accent lighting and will also have an indoor swimming pool for its residents' leisure.

“To top it off it will cost the same price as your average apartment anywhere in Namibia,” Moses said.

Eli Moses


BUYING a house might be quite a daunting task for

most, especially if it is your first time. There are legal procedures to consider, you have to determine what you can afford and decide how you will finance the new house.

You might feel it is not for the faint-hearted, but if you speak to your banker he or she will gladly assist you making sense out of and guiding you through the house-buying process. Standard Bank shares a few helpful tips and advice.

Start saving for a deposit, registration and transfer costs. All the banks have changed their home lending policies to comply with the latest banking laws and regulations.

“No longer can you obtain a bond for 108% of the property value. In fact, in certain instances, you may only qualify for 80% of the purchase price and the rest, including the registration and transfer costs, will have to be paid out of your pocket,” explains Caroline Orange, Standard Bank’s home loans sales manager.

If you need to sell your current property, in order to buy another, it may be a good idea to put your property on the market first before applying for a home loan.

“Speak to estate agents operating in your area and ask about the selling prices in the neighbourhood. Also find out what the selling prices are of similar properties in your area,” she says.

Orange advises to do a comprehensive budgeting exercise to see how much you can afford for monthly home loan repayments.

Obtain a copy of your credit report from the major credit bureaus and review the information. If there are errors or matters that need to be addressed, it is advisable to sort it out before you apply for a home loan. If you know there are a few blemishes on your credit record, and you have been making an effort to clean them, let your bank know what they are, why they are there, and what you are doing to sort them out.

Lenders will look at your credit and financial situation to determine how likely you will be paying back the home loan.

“If you suffered unexpected circumstances that were out of the ordinary, like a loss of a job or extensive medical bills, let the bank know so that they understand it is not likely to happen again in future,” Orange says. After clearing outstanding debt, the banks apply a six-month waiting period before you can apply for a home loan.

Pay a visit to your bank, and ask a home loan consultant for the loan amount you may qualify for.

Before getting into house-hunting, do some homework. Decide what kind of home will suit your needs. Think about

security, the size of your family (or your future family), the suitability for your pets and any other special needs. You should also consider the location of the house and the travelling distance to work, schools and everyday convenience stores. “It might seem like going overboard, but enquire about the affordability of schools, municipality rates and taxes, levies and other

expenses or facilities in the area,” advises Orange.

While house-hunting ask the estate agent or owner as many questions as possible about the property.

Obtain a copy of the house plan from the owner to make sure that all structural changes or extensions were approved by the municipality. “If the latest house plan hasn’t been approved by the municipality, it might

delay the registration of the property or prevent concluding the transaction.”

When the time comes to sign an offer to purchase, make sure you understand everything written in the contract. Do not sign a contract if you are unclear about anything. Rather ask advice from someone you can trust, or insist that the contract be drawn up and signed in front of an attorney.

“Applying for a home loan is a good option if you are not in the position to fund the total amount out of your own pocket,” says Orange. Once you have completed the home loan application forms, your bank will process the application and do the necessary credit checks and assessments. If everything is approved, you will receive a letter of approval giving the conditions and

benefits of the agreement.Conveyancing attorneys

will then register your home loan and transfer the property into your name. “The previous owner of the property will be paid and you will become a home owner,” says Orange.

* For more information about home loans, visit the Standard Bank Facebook page, website or visit your branch and speak to a home loan consultant.

Helpful tips for buying a house

Caroline Orange

Standard Bank [email protected]

Meet ourHome Loans

consultants

FLTR: Denzel Jarvis / In-branch Consultant, Margret Swarts / Mobile Consultant, Francis Goses / In-branch Consultant,Wilhelm Iipinge / Mobile Consultant, Johanna Iyambo / In-branch Consultant, Priscilla Simasiku / Mobile Consultant, Caroline Orange / Sales Manager and Rudolf Basson / Team Leader

Buying a house is a huge investment, but it's also a place to raise a family, create memories, or just kick back and relax. Invest in your future with a

Standard Bank home loan.

Contact any of our Home Loans consultants today for assistance on 061 294 2436.

12 28 | July | 2016 Housing & Property Dairy

ANDRÉ SWANEPOELATTORNEY, NOTARY PUBLIC & CONVEYANCER

GYS LIGTHELMATTORNEY, NOTARY PUBLIC & CONVEYANCER

ABE NAUDÉATTORNEY & NOTARY PUBLIC

PATRICK KAUTAATTORNEY & NOTARY PUBLIC& CONVEYANCER

FRIEDA KISHIATTORNEY

& CONVEYANCER

RALPH STRAUSSATTORNEY

VERONICA HANONGO-HAIKALI ATTORNEY & CONVEYANCER

POENIE VAN DEN BERGATTORNEY, NOTARY PUBLIC & CONVEYANCER

THE VITAL ROLE OF THE CONVEYANCER IN THE NAMIBIAN LAND REGISTRATION SYSTEM.

The Namibian property system is founded on a well-established and secure system of property registration and ownership. The process is initiated by way of a signed and accepted Deed of Sale of land as required by the Formalities in Respect of Contracts of Sale of Land Act 1969, which stipulates that no agreement of sale of land will be valid unless reduced to writing and signed by both parties. The process is then regulated in terms of the Deeds Registries Act and various related statutes, which have specifi c bearing on certain topics.

Once the property is transferred and registered, the owner acquires a real right to immovable property, which can therefore be regarded as an indisputable title. This is further entrenched by Constitutional rights protecting such property ownership. Besides the unassailable rights of a registered owner as emanates from registration in the Deeds Registry, the accuracy of the records kept at the Deeds Registry enables purchasers and/or fi nancial institutions to decide whether they wish to proceed with or fi nance transactions.

The continued accurate registration and documentation of all rights in land and access thereto by prospective property owners, fi nancial institutions and other role-players in the commercial setting, remains a pivotal pillar of Namibia’s economic infrastructure.

Conveyancers currently play a pivotal role in delivering titles to land and are responsible for the security of such title and the correctness thereof. By eliminating the role of the Conveyancer, the land registration system will be cluttered with fraud and bribery, while also providing no level of security of title.

DEFINING A CONVEYANCER

A conveyancer is an attorney who is qualifi ed and authorised to prepare and execute

documents in the Deeds Offi ce. He/she is also personally responsible for ensuring that the terms, obligations and fi nances relating to the transaction are strictly adhered to. It is the conveyancer’s duty to attend to these details and can be held personally responsible in the event of a faulty transfer.

THE PROPERTY TRANSFER PROCESS IS SET IN MOTION UPON SIGNATURE OF AN AGREEMENT OF SALE BETWEEN A SELLER AND PURCHASER STEPS TO BE TAKEN BY THE CONVEYANCER

DEEDS SEARCHA conveyancer conducts a search in the Deeds Offi ce in Windhoek or Rehoboth to obtain the correct description of the registered owner and the property, as well as any restrictive conditions or servitudes attached thereto.

DRAFTING OF DOCUMENTSA conveyancer collects required documentation and drafts transfer documents.

THE VITAL ROLE OF A

CONVEYANCER IN THE

NAMIBIAN LAND

REGISTRATION SYSTEM.

N E W L A W T H R E A T E N S S T A B I L I T Y O F T H E N A M I B I A N P R O P E R T Y I N D U S T R Y

AT SLABBERATTORNEY & CONVEYANCER

SAREL MARITZATTORNEY

CHRISTO POTGIETERATTORNEY

ETIENNE YSSELATTORNEY, NOTARY PUBLIC & CONVEYANCER

RISA DREYERATTORNEY & CONVEYANCER

MAGANO ERKANAATTORNEY (ADMITTED IN SOUTH AFRICA & NAMIBIA)

PAUL BOTHAATTORNEY & CONVEYANCER

WKH HOUSEJan Jonker Road, Ausspannplatz, WindhoekPO Box 864 / 822, Windhoek, NamibiaTel: +264 (0)61 275 550Fax: +264 (0)61 220 533 (Conveyancing) Fax: +264 (0)61 220 533 (Litigation)Email: [email protected]

ALSO ATShop No. 27, Oshana Mall, OngwedivaPrivate Bag 3725, Ongwediva, NamibiaTel: +264 (0)65 220 637Fax: +264 (0)65 220 638

These documents include a power of attorney to transfer, transfer duty application form, transfer duty declarations for both seller and purchaser, Insolvency affi davits for all parties, Financial Intelligence Act information sheets, as well as a statement of transfer cost with provisions for (i) stamp duties and (ii) transfer duties. Conveyancing fees are calculated according to a tariff determined by the Government of Namibia. These fees are prescribed in a Government gazette and cannot be adjusted by specifi c law fi rms or conveyancers.

The Conveyancer therefor acts as a Tax Collector for the Receiver of Revenue and the Local Authorities.

CANCELLATION OF BONDSAssuming that there is a bond registered over

the property, it is the conveyancer’s duty to have the bond cancelled before registration of transfer of a property to the new owner. This ensures that the new owner buys a property without any existing debt.FINANCING OF THE TRANSACTIONIt is the Conveyancer’s duty to oversee the fi nances of a transaction. In most cases, the purchaser will have applied for a bond to fi nance the property. The conveyancer will request the necessary undertakings from the purchaser’s bank and will ensure that guarantees are issued to pay the purchase price. The Conveyancer therefor creates a stable and reliable framework within which the sale of property can take place.

LODGEMENT AND REGISTRATIONIt is also the duty of the Conveyancer to draft a new title deed and to have the current bond cancelled and to ensure the new bond is registered simultaneously. The Conveyancer also requests pre-payment of Municipal Rates & Taxes and oversees the payment thereof to the Municipality.

FINAL ACCOUNT AND PAYMENTSThe conveyancer also takes responsibility for

the payment of the proceeds to the seller as well as payment of the estate agent’s commission , if any.

DELIVERY OF TITLE DEEDIn the event of the property being bonded, the Conveyancer also delivers the original title deed and bond to the fi nancial institution for security and in case of a cash transaction, the original title deed will be delivered to the new owner.

IN CONCLUSION:The Conveyancer’s meticulous focus and adherence to accuracy and legal certainty may soon be eliminated from the transfer process in the event of the new Deeds

Registries Act becoming enforceable. The Act envisages registered owners being able to personally attend to their own transfer, which is a potentially alarming prospect for the continued securitization of the Namibian economy by creditors and fi nancial institutions and will furthermore require new owners to take out insurance to guard against the risk of an incorrect title deed. Errors in registration are costly to rectify


1328 | July | 2016Housing & Property Dairy

AT SLABBERATTORNEY & CONVEYANCER

SAREL MARITZATTORNEY

CHRISTO POTGIETERATTORNEY

ETIENNE YSSELATTORNEY, NOTARY PUBLIC & CONVEYANCER

RISA DREYERATTORNEY & CONVEYANCER

MAGANO ERKANAATTORNEY (ADMITTED IN SOUTH AFRICA & NAMIBIA)

PAUL BOTHAATTORNEY & CONVEYANCER

WKH HOUSEJan Jonker Road, Ausspannplatz, WindhoekPO Box 864 / 822, Windhoek, NamibiaTel: +264 (0)61 275 550Fax: +264 (0)61 220 533 (Conveyancing) Fax: +264 (0)61 220 533 (Litigation)Email: [email protected]

ALSO ATShop No. 27, Oshana Mall, OngwedivaPrivate Bag 3725, Ongwediva, NamibiaTel: +264 (0)65 220 637Fax: +264 (0)65 220 638

These documents include a power of attorney to transfer, transfer duty application form, transfer duty declarations for both seller and purchaser, Insolvency affi davits for all parties, Financial Intelligence Act information sheets, as well as a statement of transfer cost with provisions for (i) stamp duties and (ii) transfer duties. Conveyancing fees are calculated according to a tariff determined by the Government of Namibia. These fees are prescribed in a Government gazette and cannot be adjusted by specifi c law fi rms or conveyancers.

The Conveyancer therefor acts as a Tax Collector for the Receiver of Revenue and the Local Authorities.

CANCELLATION OF BONDSAssuming that there is a bond registered over

the property, it is the conveyancer’s duty to have the bond cancelled before registration of transfer of a property to the new owner. This ensures that the new owner buys a property without any existing debt.FINANCING OF THE TRANSACTIONIt is the Conveyancer’s duty to oversee the fi nances of a transaction. In most cases, the purchaser will have applied for a bond to fi nance the property. The conveyancer will request the necessary undertakings from the purchaser’s bank and will ensure that guarantees are issued to pay the purchase price. The Conveyancer therefor creates a stable and reliable framework within which the sale of property can take place.

LODGEMENT AND REGISTRATIONIt is also the duty of the Conveyancer to draft a new title deed and to have the current bond cancelled and to ensure the new bond is registered simultaneously. The Conveyancer also requests pre-payment of Municipal Rates & Taxes and oversees the payment thereof to the Municipality.

FINAL ACCOUNT AND PAYMENTSThe conveyancer also takes responsibility for

the payment of the proceeds to the seller as well as payment of the estate agent’s commission , if any.

DELIVERY OF TITLE DEEDIn the event of the property being bonded, the Conveyancer also delivers the original title deed and bond to the fi nancial institution for security and in case of a cash transaction, the original title deed will be delivered to the new owner.

IN CONCLUSION:The Conveyancer’s meticulous focus and adherence to accuracy and legal certainty may soon be eliminated from the transfer process in the event of the new Deeds

Registries Act becoming enforceable. The Act envisages registered owners being able to personally attend to their own transfer, which is a potentially alarming prospect for the continued securitization of the Namibian economy by creditors and fi nancial institutions and will furthermore require new owners to take out insurance to guard against the risk of an incorrect title deed. Errors in registration are costly to rectify



• DIANA MITLIN

IN OCTOBER 2014, the Shack Dwellers' Federation of Namibia was facing a severe challenge after being

excluded from the government's mass housing programme. The initial government 'blueprint' had recognised the federation's essential contribution to meeting the housing needs of the lowest-income Namibian citizens, but the programme roll-out had taken a different direction.

BLUEPRINT FOR MASS HOUSING

When the government announced the blueprint for mass housing in 2013, the Shack Dwellers' FPROPERTYederation of Namibia together with the Namibia Housing Action Group (NHAG), an NGO providing technical advice, were included in the commitment with N$50 million a year to support the federation's grassroots saving fund, known as Twahangana.

The blueprint: * Estimated 45 000 houses were needed

by households with monthly incomes at US$150 or below, and 30 000 by those earning between US$150-460 each month, and

* Committed the government to construct 185 000 dwellings by 2030

Specific actions were designed to help the urban poor – upgrading informal settlements, support for community self-help housing, and social housing for very low-income families. The government recognised the ability of the federation to help deliver these commitments.

The federation was well placed to play a role. It had 20 years of working with the lowest-income families; around 10% of the 135 000 families living in informal settlements were federation members; and it had helped 5 591 households to secure tenure, and 3 403 families to construct their own homes by 2013.

However, as the Mass Housing initiative rolled out, the federation's potential and historic contribution seemed to have been forgotten. Despite the words in the blueprint, the mass housing initiative offered little to those with the most acute needs.

Instead the units constructed were for lower-middle and middle-income households, with expensive loan obligations.

The federation members were upset that their work of 20 years was not being recognised. They also found that their member savings groups were being ignored by Windhoek City council, whose previous progressive policies were being overlooked for other priorities.

But the federation women were determined not to stop. They carried on their efforts, working closely with local authorities that appreciated their organising capabilities, such as Gobabis and Tsandi. This led to federation women completing 245 houses, between June 2014 and June 2015, with another 62 under construction.

The federation held a 21st anniversary event in October 2014 with radio coverage and a pull-out supplement in The Namibian, which helped boost their confidence, and

gave a new lease of life to activities such as the savings fund and youth initiatives.

Although there was no immediate response from the government, there was increasing public frustration with the Mass Housing initiative because people could not afford what was being provided.

HELP FROM THE FIRST LADY

Following elections in November 2014 the government began to recognise the skills of federation members once more. As Edith Mbanga, national co-ordinator, explained: "This year is when the government came back to us. We met with the First Lady, Monica Geingos, and found her very interested in helping the poor. It is her wish that we work closer with her and she works closer with us."

But when the government promised N$7 million for April 2015 to March 2016 for housing construction, the news was not all good. The federation needed additional money to build the capacities of their members to negotiate for more land, install services and build homes.

A subsequent meeting with the new minister of urban and rural development, facilitated by the new patron of the Shack Dwellers' Federation of Namibia Geingos, confirmed that this money will be allocated to the federation.

And then at the national meeting of the federation, in June 2015, the governor of Khomas region, Laura Veenelapi McLeod-Katjirua offered practical help, suggesting that they meet to see how she could ensure that federation members are once more able to acquire land in Windhoek.

MOVING FORWARD TOGETHER

Ten months on, the federation and NHAG believe that their decision to celebrate their own work, rather than attacking the government, paid off. This was not easy – many members were angry and wanted to fight. But now they are seeing the results of their strategy as national politicians recognise their efforts and the people respect them for their strong sense of direction and demonstrated capacities.

There are still challenges. The federation understands that the government's priority is for flushing toilets. Members say it is more important to have a roof they can afford than a toilet. Now the federation's leaders recognise that such differences have to be addressed together.

Importantly, recent months have taught the federation that it cannot rely on the government, even when commitments have been written into a policy and they have had promises of money.

That is why the federation needs to identify priorities and take action to demonstrate how people's housing needs can be addressed. It must keep building relations with politicians and ensure that the quality and scale of their work to construct affordable mass housing is visible. With this approach, everything is possible.

* Diana Mitlin ([email protected]) is a principal researcher with IIED's Human Settlements Group.

PERSISTENCE, celebration and

First Lady Monica Geingos’s help

have turned around the fortunes of

women’s savings organisations

helping to meet Namibia’s housing

needs.

DO IT YOURSELF WAY ... One of the members of the Shack Dwellers Federation of Namibia is constructing her own house at Omaruru in the Erongo region.

Nam women lead the way in housing development

SHOULDER TO THE WHEEL … Residents of Kuvukiland, mostly women, at Rehoboth build their own houses.


FNB NAMIBIA has just released the latest housing index for May 2016 and Daniel Kavishe, market

research manager, FNB Group advised that the house price index growth has shown some recovery, compared to the first few months of the year, growing by 13% year on year at the end of May.

He added, however, that the volume index continues to show substantial weakening in the market recording a 14% decline in growth for the same period.

The decline was specifically exaggerated at the coast recording negative growth of -42% year-on-year, and in central area where volume growth also contracted but by 12% year-on-year.

In terms of house segments, the largest decline in volume of transactions emanates from the high-end market (house prices over N$2,6mn) where growth contracted by 46% at the end of May.

“Prices in this segment, however, haven’t declined as one would expect with the extended drop in demand. Although high-end property price growth remains 22,4% higher compared to last year May, we expected lagged response to weakening demand in the segment,” Kavishe said.

The FNB Housing Index also states that the middle and lower segment continued to enjoy strong price growth recording on average growth of 18% at the end of May. Volume growth in these two segments however remained poor, down 8% at the end of May.

The negative volume growth experienced over the past six months across all segments suggests that the future property price growth will reign in to a more palatable 11% growth, but this is based on a rebound in volume growth.

Kavishe added some interesting demographics concerning house buyers saying “41% of the property is currently bonded through joint-bond facilities, followed by female house buyers with 31% of the market, while male buyers make up the remaining 28,1%. Deeds data reveals that most property is bought by individuals between the age of 30 and 39 years with the most common house buyer being 35 years old. Female buyers seem to be most prevalent between the ages of 22 and 32 while male buyers were more prevalent in the 33 years and older brackets.”

CENTRAL NAMIBIA

Regarding the geographical split in the central region, prices continue to grow at 14,4% despite volumes declining by 12% year-on-year.

Analysing Windhoek specifically, the median house price is currently N$1,3m which is 10,5% higher than average Windhoek house prices in 2015. High income suburbs have begun to show signs of decline.

SUCH BEAUTY … Median prices were N$1million at Swakopmund.Photo: Adam Hartman

Housing price index shows recovery

In Kleine Kuppe prices have dropped by 1%, while Auasblick and Olympia prices have declined by 12,1% and 2,2% respectively.

However, low income areas such as Okuryangava, Khomasdal, Katutura and Rocky Crest recorded strong price growth.

COASTAL

At the coast, prices grew by 15,2% as volumes declined by 42% year on year. In the high-end of the market, no growth in property prices was recorded across the major towns.

Growth, however, was recorded in property prices in the middle to lower segment of about 5% year on year. Swakopmund recorded the highest growth in prices (28,2% year-on-year) setting median price at N$1,2mn at the end of May. At Walvis Bay, prices grew by 6,2% setting the median price of a bonded house in that area at N$800 000.

NORTHERN NAMIBIA

Northern towns continue to grow favourably. Volumes increased by 23% at the end of May while prices increased by 14,1% to the new median price of N$605 000. Katima Mulilo and Ongwediva drove the volume growth. In terms of prices, the respective towns grew by 30,1% and 17,3% at the end of May. Prices at Oshakati were down 21,5% while at Otjiwarongo, prices were down 22,8%. The decline in price growth is potentially seasonal, rather than an indication of a slowing market as average growth (in prices) in these areas for the year remains well above 10%.

Kavishe believed that several dynamics were currently working simultaneously in the housing market.

Other than the substantial drop in transactions at the high-end, and lower than expected activity at the coast, market prices seem to be slowing down in tandem with the rest of the economy, which decelerated to 3,5% growth in the first quarter.

“After disposable income barely grew last year and two quick interest rate hikes this year, spending power has been eroded and therefore we expect house prices to decelerate to 11% growth by year

end. The higher end of the property ladder is expected to feel the brunt of this deceleration. Under these conditions, we expect a certain degree of downsising, whereby property prices in the upper price segments decelerate and prices in the middle to lower price segment accelerate as we witnessed during the financial crisis of 2009. The anticipated increase in mass houses will provide additional downward pressure to property prices,” Kavishe said.

No. 6 Dresma Platz, Nickel Street, ProsperitaTel: +264 61 259 499 | Cell: 081 157 2674

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Klein Windhoek2 bedroom apartments BRAND NEW , With Views. 2 bathrooms 2 garage,s open plan in-built kitchen

TV area, balcony with BQ, aircons and Safe.Alarm N$ 12,000

Klein Windhoek2 bedroomed Heritage House with outside bedroom and shower, pool with BQ , indigenous garden, 1 garage N$ 19,500

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In general, people are not informed about the different types of cement and what the indicators stand for.

Herewith a short crash-course in cement types of Ohorongo Cement and cement indicators and what it means.

Types of Ohorongo Cement

-CEM I 42.5 R--> Used by Brickmakers due to the high early strength. Also used for special Fly-Ash mixes, since the CEM II B-V 42.5 N (blended fly ash cement) has a fixed mix ratio of 75% cement and 25 % fly-ash.Examples: Neckartal dam -CEM I 52.5 N--> Used for Brickmaking and pre-cast structuresExample: Walvis Bay Harbour Project & Bulk Fuel Jetty (tetrapods, coastal defense)-CEM II A-LL 32.5 N--> Used by retailers, small construction companies and common applications around the house (plastering and small renovations)-CEM II A-LL 42.5 N--> Used by batching plants for a high range of ready-mix concrete-CEM II / B-V 42.5 N--> Used for water retaining structures in southern Namibia and ideal for use at the coast, resistant against high humidity and chloride enriched environment (sea water).

Cement indicators

The description of the different cement types is made up of different sections:

For example:CEM II A-LL 42.5 N

1 2 3 4SEE ILLuSTRATION BELOW Section 1.

Indicates from which of the 5 main cement types the specified cement comes.The 5 main types of cement are:

• CEM I = Portland cement• CEM II = Portland composite

cement• CEM III = Blast furnace

cement• CEM IV = Pozzolanic cement• CEM V = Composite cement

Section 2.

The first letter indicates how much constituents is added in %, and the second letter indicates which kind of constituent

was used.

The amount added in % is symbolized by the letters A, B and C. They indicate different percentages in different cement types.

For example:“CEM I” - No letters, because it

consists of 95-100% clinker and 0-5 % secondary ingredients“CEM II” - A = Indicates that the

product has been extended with 6-20 % Limestone

- B = Indicates that the product has been extended with 21-35 % Limestone

The type of constituent is indicated by the following abbreviations/letters:

“V” = Siliceous Fly Ash “L” = 6 – 20 % or 21 – 35

% Limestone (0 – 5 % secondary ingredients)

“LL” = 6 – 20 % or 21 – 35 % Limestone (0 – 5 % secondary ingredients)

Section 3.

Indicates the compressive strength in N/mm² after 28 days.

The compressive strength is measured by mixing cement, Normen sand and water in the right weight proportions. This mortar is then casted into prism moulds, de-moulded the next day and stored in the water for the following 27 days, from there each 3 prisms are taken for 2, 3, 7 and 28 day compressive- and flexural strength tests to be performed.

The three most used strength categories are 32.5, 42.5 and 52.5.

The range of each category is plus > 20 N/mm², which means the range for a 32.5 cement is from < 32.5 to > 52.5 N/mm².

The range for a 42.5 cement is from < 42.5 to > 62.5 N/mm² and the range for the 52.5 strength is from < 52.5 to > 62.5. There is one category, which is seldom used much, that is the 22.5 strength category. This category is mostly used for plastering.

Section 4.

Indicates which early strength the cement has. There a two different types of early strength.1. “N” stands for ordinary (normal) early strength2. “R” stands for high (rapid) early strength The parameters for these classifications are determined in the SABS SANS 50197-1.

• DWIGHT LINKS

DESPITE only existing for three years, WV Construction has cemented themselves in providing construction

solutions to the Namibian property industry. They construct high quality housing for the

low cost to medium and high income sectors of the country.

A wholly Namibian owned enterprise that specialises in light steel frame construction solutions, WV also rounds off their product offering with the civil engineering and operations management expertise and background, which founders Peter Weder and Antonie Vermaak possess.

The company was first based at Otavi where they have a manufacturing facility, but shifted their base to Windhoek. This shift has helped the company to expand its provision of solutions for both retail and construction clients. They first used the technology in Angola, in conjunction with their partners there.

PORGRESS Agencies (Pty) Ltd. was founded in 1954, representing an extensive portfolio of foreign manufacturers within Namibia.

Their core focus is set, but not limited, to servicing do-it-yourself (DIY) retailers, suppliers of industrial equipment and industry service providers such as architects, project managers and construction companies.

The 'owner-driven' company strongly believes in solid and long lasting relationships to both manufacturers and customers.

Progress Agencies has grown from strength to strength and has recently expanded its portfolio by offering the exclusive range of 'Barriers4Africa' security products to the Namibian market.

The high-quality product range consists of retractable barriers, roller shutter doors, rhino tracking devices as well as many other security related gadgets which are marketed at affordable prices to resellers and end-customers alike.

STOP THE BURGLARRETRACTABLE BARRIERS / FIXED GRILLSsingle and double uprights available in any colour!

Steel, wood, fibre-glass, sectional garage doors and we do industrial roller shutters

Get 10% off when presenting this advert.

Progress AgenciesNo. 45 Edison Street

Southern Industrial AreaWindhoek

David WinbornTel: +264 61 233 708

Cell: +264 81 166 0442Email:

[email protected]

Crash-Course in Cement Types & Indicators

Progress Agencies – There for DIY


• DWIGHT LINKS

DESPITE only existing for three years, WV Construction has cemented themselves in providing construction

solutions to the Namibian property industry. They construct high quality housing for the

low cost to medium and high income sectors of the country.

A wholly Namibian owned enterprise that specialises in light steel frame construction solutions, WV also rounds off their product offering with the civil engineering and operations management expertise and background, which founders Peter Weder and Antonie Vermaak possess.

The company was first based at Otavi where they have a manufacturing facility, but shifted their base to Windhoek. This shift has helped the company to expand its provision of solutions for both retail and construction clients. They first used the technology in Angola, in conjunction with their partners there.

The method of construction that WV employs, is not a recent alternative choice in the property construction industry. The use of cold-formed steel construction has been used in the USA and Great Britain since the 1850s, but was only officially considered an alternative construction method in the 1940s. The official classification has to be codified in order to be considered so.

The American Iron and Steel Institute or American Iron Association had identified the need for the design standard for cold-formed steel.

The Namibian construction industry has seen an exponential growth in the recent years, mostly in the brick and mortar construction approach.

The use or application of cold steel forming has never been seen in Namibia, even though South Africa applied the method for some time in commercial construction, for the likes of Kentucky Fried Chicken and McDonalds.

The steel forming industry is governed by the South African Light Steel Frame Building

Association (Sasfa).Since WV Construction is the leader with

this technology, they have invited Sasfa to Namibia to share knowledge and create awareness about cold steel forming.

Even though new start ups are on the rise due to new technologies, WV Construction has cemented themselves in Namibia by working closely with local banks, governing bodies and suppliers.

WV Construction has a small core of staff who service the market needs from their Windhoek office. If their partnerships are included, which comprise of small business enterprises and previously disadvantaged persons, the total reaches close to 300 Namibians who help to spread the use of this technology in Namibia.

Looking forward, they aim to lead in design, development and construction of affordable and quality light steel building solutions that convert into client loyalty. They continuously strive to offer a quality solutions in construction to Namibian needs.

Email: [email protected]: 27 Birmingham Street

P O BOX 35384,Kleine Kuppe, WindhoekTel: +264 61 427 700

The premium supplier of efficient, affordable and innovative construction solutions to the namibian people.

wv-construction.com

WV Construction offers alternatives


How long has Worldwide Aluminium and Glass CC been in operation?

Worldwide Aluminium and Glass has been in operation since 2014 but only started mass production in 2015.

What is the scale and scope of your company?

Worldwide Aluminium and Glass cc is a medium scaled company which is privately owned and managed by Fillipus Shitumbapo. It is a truly Namibian company with its head office located at the coastal town of Swakopmund. It employs 16 Namibian citizens. Worldwide Aluminium and Glass cc is registered as a SME.

Worldwide Aluminium and Glass cc manufactures, design, customise, install and replace aluminium windows, aluminium doors, garage doors and sliding doors, just to name a few, in different sizes and numerous colours.

We have all aluminium window and door solutions for every project and building type, from residential to commercial, traditional and contemporary. Our doors are robust, tough and highly secure, and you can choose from hundreds of colours and finishes, ranging from a matt, gloss or metallic finish to a special low maintenance and scratch resistant Coatex finish. Our ranges of commercial doors are flexible in design, giving you freedom to have very large openings and are available in all desired opening types. We can also remove wooden or PVC windows and doors and replace them with aluminium ones. Our aluminium windows are double glazed and customisable.What were the

challenges that you faced when you started Worldwide Aluminium and Glass CC?

Lack of start up finances, lack of advanced machinery and tough competition were some of the challenges I faced when we started Worldwide Aluminium and Glass CC.

Lack of affordable space for business was a big challenge.

What is your contribution towards quality employment and job creation?

We employ more than 16 Namibians, We recognise that our primary asset is our people, and that a truly successful company needs to be a rewarding work environment for its staff. We have internal recognition through employee of the month awards and best performer of the year awards, just to mention a few. Our employees' rights are guarded by the labour law. All our employees are registered with social security and we provide a safe working environment and fair labour practices like working hours, overtime and annual bonuses.

Is your core business focus only in the Erongo region or do you service clients country wide?

Our headquarters are in Erongo but we have serviced clients from as far as Rundu. We undertake projects all over Namibia. We have sales agents and aluminium installers/fitters in Windhoek and in Ongwediva. The plan is to open a branch in Windhoek later this year and an additional branch in Oshana region to be located in Ongwediva early next year.

Serving the property industry with pride

Fillipus Shitumbapo

We regard continuous

customer service as our greatest strength; our

clients can rely on this commitment from Worldwide Aluminium and

Glass CC for quality service.

What distinguishes your business from your competitors, what makes you unique?

We regard continuous customer service as our greatest strength; our clients can rely on this commitment from Worldwide Aluminium and Glass CC for quality service. Our range and varieties of aluminium windows and doors, different coatings and glazing systems are almost 100% customised according to client needs. Our competitive prices and fast delivery also sets us apart from perhaps other established businesses in the same industry. But more importantly our unique selling proposition is embedded in the way that we do business and interact with our clients and how we always strive to find practical solutions with our clients. We provide unlimited after-sales support throughout the lifetime of the project.

What is your take on the construction business in Namibia at this point and do you feel that there is enough support for local contractors?

Construction industry in Namibia is the largest sector of economy and job creation. Construction was on its highest peak but recent unfortunate shortage of water in central parts of the country will affect lot of capital projects. Employment creation in the sector will also suffer. Perhaps a lot more can be done to make businesses like Worldwide Aluminium and Glass CC realise their dreams of becoming multi-national. Our financial analyst is analysing the Harambee Prosperity Plan to see how we can benefit and contribute as a business.


Fillipus Shitumbapo

When things go wrong in commercial

property investment they can really go badly wrong, because the consequences are often counted in millions of dollars. BUSINESS/PARTNERS Namibia country manager Gerschwyne van Wyk lists five common mistakes made in commercial property investments.

Before you venture into your next commercial property deal, one should be vigilant of the following common mistakes so that you steer well clear of them.

Common mistake 1: Shoddy due diligence Fundamental flaws in a commercial building can be completely hidden from sight, says Van Wyk. A perfectly sound structure might be built half a meter over the boundary line – a mistake that puts you at the mercy of your neighbours and one that will cost you millions to fix.

The only way to avoid these pitfalls is to perform a due diligence investigation in which every aspect of the building is checked: not only the condition of the physical structure, but its plans and approvals, the facilities such as water and electricity, and the state of the leases if the property is being bought with existing tenants.

Van Wyk says it is crucial to hire professionals to perform a due diligence investigation. They can cost up to N$35 000 depending on the size and complexity of the property, but their costs are negligible compared to the money they can save you.

When you are keen on buying a property, Van Wyk’s advice is to sign an offer to buy the building subject to the outcome of a professional inspection, including the structure, facilities, ownership and leases. If the investigation exposes any defects, you can either walk away or renegotiate the sale with seller. Either way, the cost of hiring professionals is money well spent.

Van Wyk says even vacant land should be

subject to due diligence in the form of soil inspection. Again, this is expensive, but your building plans may be scrapped by the existence of an unexpected geological structure, a hidden rubbish dump, or even toxic waste buried in the soil.

Common mistake 2: Not calculating upgrades and future maintenance costs A thorough due diligence must not only look at the current health of the structure and facilities but must include a careful consideration of upgrades and maintenance that may be required in future. These can pounce on the buyer quite unexpectedly, says Van Wyk. An anchor tenant might only agree to renew their lease if certain upgrades are made. The rise in electricity costs may force the new owner to upgrade the property to become more energy efficient in order to remain attractive to tenants. An asbestos roof may have to be replaced. There could possibly be amended legislation passed by the City Council that needs to be rectified within a limited time and the cost to be borne by the owner.

“The buyer must be aware of the fact that the seller will always know more about the property,” says Van Wyk. It is up to the buyer to discover the hidden costs before buying. The seller won’t volunteer the patent information.

Common mistake 3: Not considering the bigger picture Even if the property itself is in a pristine condition, the area in which it is situated may have reached its peak and is in a downward spiral. If you buy property in a devaluing node, the value of the property will decrease, says Van Wyk. It is therefore just as important for the buyer to look into what is happening to the area as it is to investigate the condition of the building itself.

Well-known examples are the CBD of Windhoek which influenced by “business hubs” in Klein Windhoek and the Maerua Mall areas. A further example is the traditionally

known Northern and Southern Industria are now in competition with Lafrenz and Prosperita Industrial areas respectively, offering more optimum use of space and modern designs that are more vibrant. Signs of refurbishment, development and rejuvenation are good and could hint progress and possible growth while a lack of upgrade activity could signal the fact that the node may have reached its sell-by date.

Common mistake 4: Being too fussy about price Not every property that you buy as an investment has to be a bargain. If you set your mind on only buying properties that can give you more than, say, a 10% return on investment, you run the very real risk of not buying anything, and missing opportunities to build up a substantial portfolio.

A well-engineered, prime property situated in a low-risk area is most probably not going to be priced at a bargain level, but as long as it is not overpriced, it will give a fair return on investment and can help form the backbone of a solid property portfolio.

The bargain hunter will miss excellent buying opportunities of prime properties at fair market prices and run the risk of building a portfolio very slowly if at all. There are many investors in this hot market chasing prime properties for the yield so the bargain hunter or over pedantic buyer may be left with cash in the bank at low returns for a significant time period. One should also guard against potential short-term gains with a view on an upside that a New Development can offer, but struggling to sell it once its completed or being left with vacant premises, says Van Wyk.

Common mistake 5: Gearing too high Cash is king in any business, says Van Wyk, and property investment is a business like any other. Buying a building with too much borrowed money exposes the investor to great risk. The bond of the property has to be serviced by the operating income

earned from the property. If this is too high, the failure of one tenant to pay his rent could jeopardize the whole investment.

Van Wyk argues there is no single rule of thumb to guide investors about how much money is prudent to borrow for a property investment; it depends on the reliability of the tenants and the vitality of the node. If the tenants include the

branches of established, nation-wide companies, the buyer could borrow more, but if the tenant mix is made up entirely of small mom-and-pop stores, it is better to have a loan to value of 50% or less. The cash flow forecast, including bond repayments and tax, must allow for a realistic vacancy and arrear factor as well as for any short term increase in interest rate.

Five common mistakes to avoid when buying a property

We regard continuous

customer service as our greatest strength; our

clients can rely on this commitment from Worldwide Aluminium and

Glass CC for quality service.

What distinguishes your business from your competitors, what makes you unique?

We regard continuous customer service as our greatest strength; our clients can rely on this commitment from Worldwide Aluminium and Glass CC for quality service. Our range and varieties of aluminium windows and doors, different coatings and glazing systems are almost 100% customised according to client needs. Our competitive prices and fast delivery also sets us apart from perhaps other established businesses in the same industry. But more importantly our unique selling proposition is embedded in the way that we do business and interact with our clients and how we always strive to find practical solutions with our clients. We provide unlimited after-sales support throughout the lifetime of the project.

What is your take on the construction business in Namibia at this point and do you feel that there is enough support for local contractors?

Construction industry in Namibia is the largest sector of economy and job creation. Construction was on its highest peak but recent unfortunate shortage of water in central parts of the country will affect lot of capital projects. Employment creation in the sector will also suffer. Perhaps a lot more can be done to make businesses like Worldwide Aluminium and Glass CC realise their dreams of becoming multi-national. Our financial analyst is analysing the Harambee Prosperity Plan to see how we can benefit and contribute as a business.


REPRESENTATIVES of Ohorongo Cement, FNB Foundation and Pupkewitz Foundation worked side by side with the Shack Dwellers Federation of

Namibia and community members, when the construction of houses for low income families commenced in Otavi last week.

Since the launch of this Public Private Partnership initiative earlier this year, progress at the Otavi site was prevalent as foundations were dug, bricks were being made and foundations poured. The first foundations were poured on Saturday, 16 July.

The three private companies joined hands to support the provision of community driven houses for low income families, by pledging N$3 million to SDFN/NHAG on 4 March this year.

In the quest to build 91 houses for 2016, the identified projects are making the following progress: • Omaruru in Erongo: Currently manufacturing bricks

and building to commence in August • Tsumeb in Oshikoto: Land clearing and planning of

houses in progress • Tsandi in Omusati: Building materials have been

purchased and construction • should be completed by September • Otavi in Otjozondjupa: Plans approved, first

foundations laid and brickmaking in full swing and first walls are rising “The escalating demand for low cost housing in

Namibia has reached a crisis point and requires urgent assistance, not only from government, but also from the private sector and assistance from every Namibian citizen,” said Hans-Wilhelm Schütte, managing director of Ohorongo Cement.

“Empathy for fellow Namibians and supporting Government initiatives are the driving factors that motivated the companies to join hands in the fight against poverty eradication, by supporting the SDFN/NHAG.”

Angelique Peake, representing FNB Foundation, agreed.

“FNB deeply cares about the Namibian people, but is also places special focus on taking care of our planet,” she said. “Forming partnerships that can help us achieve our goal of creating a better world, by using profit as an enabler to assist our communities, directly speaks to our strategy.”

The core competencies of the three private partners are not purely corporate social investment (CSI) driven, as it forms merely a smaller part of its investment and business existence.

“Instead of trying to run independent in-house initiatives, the three partners decided to work hand in hand with reputable organizations like NSDFN/NHAG, who clearly have a winning recipe when looking at their results and outcomes to date,” said Angelo Helmuth general manager of business development at Pupkewitz Foundation.

He said the staff at the function indicated that they would bring more of their colleagues from the branches to witness the progress and participate in supporting the local community with the building activities.

Otavi mayor Martha Shipanga encouraged the community to call on their children to stick out their hands and assist them with the construction of the houses. “Even if they do not have money, they can use their hands and help,” she said.

For Heinrich Amushila of the SDFN a vital part of the success is to learn from one another by transferring skills and knowledge.

“This is one of the very powerful tools for capacity building, which is one of the core elements which makes our organisation so successful and forms part of every project – the fact that the communities can learn from one another,” he said.

He mentioned that since the launch of the initiative earlier this year, the fund has grown from strength to strength and many others are enquiring on how to support and join the fight against poverty eradication and the huge need for housing.

Supporting the project has a number of benefits which are important to all three partners:• Employment creation for Namibian people• Long-term and sustainable initiative, taking the planet

into consideration• Providing much needed Housing to lower income

families• Providing training and transfer of skills knowledge

through capacity building • Strengthens Namibian economy via “Buy Namibian”

HAND TO THE PLOUGH … (right) Sibora Gamibes is a 47 year old who is also looking forward to have her own house. She is hoping that her daughter, who is a constable at Mariental, will one day inherit and live in the new house.

STICKING IT OUT … (left) Representatives of the three partners put their backs into it, working with the community on site for encouragement.

Shoulder to shoulder against poverty

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NAMIBIA ESTATE AGENTS BOARDGENERAL NOTICE

EXAMINATION IN ACCORDANCE WITH GOVERNMENT

NOTICER1409 OF 1 JULY 1983 (as amended)

An examination in accordance with above mentioned notice will take place on 30 September 2016 at 14h00 at the following addresses:

VENUES: WINDHOEK: INSTITUTE OF MANAGEMENT SCIENCESWAKOPMUND: TO BE ADVICE

Registration Starts: 1 August 2016 – 31 August 2016

a. At the offices of the Namibia Estate Agents Board, 7 Hahnemann Street, Windhoek West

b. Candidates wishing to write in Swakopmund must register at the Offices of Namibia Estate Agents Board, Windhoek

c. Examination Fee: N$ 1000.00, examination material: N$2200.00 (Speed point, EFT and Direct deposits only (NO CASH OR CHEQUES WILL BE ACCEPTED)

d. The prescribed study material entitled “THE REAL ESTATE STUDY GUIDE”(N$800.00) The Estate Agents Act 112 of 1976 (N$200.00) and the FIA (N$200.00) may be obtained at our offices of the Board.

Enquiries: Lucia Lebereki - Tel: 061-249885 or [email protected]

MANY people confuse the two organisations which causes frustration all round.

There is indeed a world of difference between the Association of Estate Agents in Namibia (the Association) and the Namibian Estate Agency Affairs Board (the Board).

The BoardThe Board is the official

regulating authority for the estate agency profession, and every estate agent must, by law, be registered with it. The Board is a statutory body which generally means a board, council or body of persons established by or under an Act of Parliament - the Legislative Assembly. The Board falls under the jurisdiction of the Ministry of Trade and Industry.

The primary function of the Board is to protect the public interest (consumers) in their dealings with agents while maintaining and promoting the integrity of estate agents in the following ways:

• Overseeing the compulsory qualification and admittance of estate agents as well as the issuance of Fidelity Funds Certificates to qualified agents;

• Administering the Estate Agents’ Fidelity Fund, from which consumers who have suffered loss as a result of theft of trust monies by estate agents are reimbursed;

• Preventing unsuitable persons from entering the industry and denying the right to practice as an estate agent to those persons who had been disqualified in terms of the Act.

It could be said that the Board maintains and promotes the activities and standard of conduct of estate agents in general.

In order to obtain registration with the Board, the estate agent will have met the requirements of the Act

which include passing or exemption of the Board’s examination. In return The Board will issue a Fidelity Fund Certificate to a qualified estate agent. It would be illegal for the agent to act without being registered and without holding an active fidelity Fund Certificate. As these certificates expire at the end of each year, you need to ensure that the registration and certificate of the estate agent of your choice are both current.

Every registered agent must further comply with the provisions of a special Code of Conduct framed in terms of the Act and should you - as a buyer or seller of a property - feel unhappy about the improper conduct of a particular estate agent, a written complaint should be lodged with the Board for investigation and possible disciplinary action.

Members of the public should indeed have a legitimate expectation that the agent will act according to the law and if not the Board will address the issue. However, the Board can only deal with issues regarding registered agents. It is understandable that the Board is constantly in the process of promoting the fact that the public should deal only with registered estate agents.

The Namibian Estate Agent Board deals with registered estate agents in Namibia.You can contact them at:Tel: +264 61 24-9885Fax: +264 61 234709E-mail: [email protected] or [email protected] OR [email protected] are located at:7 Hahnemann Street, Windhoek West.Look for the Swabou Building in Schönlein Street. Opposite SWABOu is The Blue Church, behind the Church is Hahnemann Street

The Namibian Estate Agents Association

The Association is a professional volunteer organisation which supports its members, and membership is voluntary. The Association looks after the interests of its member estate agents and agencies, and is a prominent spokesman for the agent and profession.

The Association offer property related training and guidance which are specifically designed to provide agents with the knowledge and skills necessary to conduct their business in the most professional manner to ensure that member agents will provide a high standard of service to the public and amongst each other as professionals.

Members of the public who are dissatisfied with the conduct of an estate agent, or who want to claim compensation from the fidelity fund, should lay a complaint with the Board in the prescribed form (affidavit). As a volunteer organisation, the Institute is the wrong port of call and cannot help even if the agent concerned is an Institute member.

In Conclusion:Proper registration with both the

Board and Association immediately establishes an estate agent’s credibility with both potential clients and fellow estate agents. It holds the promise that you will receive a professional service which adheres to a strict code of conduct, and it will encourage the belief that it is safe for you to do business with the estate agent concerned.

Article was first published by Namibia Real Estate, a consumer information web site where they assist the public with free property and real estate queries - updated articles and cost calculators.

Namibian Estate Agent’s Board vs the Association (Institute)

of Estate Agents in Namibia


Octagon Construction is a multi-disciplinary construction and plant hire company that was formed in 2010. We are a bona fide Namibian company with headquarters in Windhoek and a branch office in Ongwediva.

Our values solidify who we are and what we believe.Octagon’s Values• UnwaveringcommitmenttoQuality,Health,SafetyandEnvironment• Anopen relationshipwithour employeesbasedonmutual trust, respect and

success• Transparency,AccountabilityandDisciplineinourbusiness• RiskAwareness• IntegrityandSimplicityinallwedo• FinancialResponsibilitytoourstakeholders

CONTACT US

n WINDHOEK (HEAD OFFICE)

111JohanAlbrechtStr.WindhoekNorth,POBox22518,WindhoekTel:+26461225 962,Fax: +264 88 651 7616E-mail: [email protected]: www.octagon.com.na

n ONGWEDIVA OFFICE

7051KalomoKautondokwaStreet,OngwedivaE-mail:[email protected]

Our motto is: “Deliver, We shall deliver”

n About us

n Management

BACKGROUND:

Lukas holds a Bachelors of Accounting Degree (B.Acc) from the University ofNamibia(UNAM),andhasreceivedprofessionaltraininginvariousareasalignedtohisroleinFinance&Administration.AsaBusinessAccountantinPractice(BAP)he is registeredwithSouthernAfrican InstituteofBusinessAccountants (SAIBA).LukashasgainedexperienceintheareasofAccounting,Tax,AuditingandFinance.

BACKGROUND:

IndileniholdsaBachelorofScience(B.Sc)fromtheUniversityofNamibia(UNAM),aMaster’sDegreeinDevelopmentFinance(MDevF)andanExecutiveDevelopmentProgramme(EDP)fromtheUniversityofStellenboschBusinessSchool(USB).Hehasgainedexperienceworkingasaseniormanagerinvariouscorporateinstitutions.

BACKGROUND:

George holds a Bachelors of Science in Civil Engineering (BSc.Civil) from theUniversityofCapeTown(UCT).HehasgainedexperienceworkingasaContractsManager,ProjectEngineerandAssistantResidentEngineersonvariousconstructionprojects.

BACKGOUND:

BruhholdsaBachelorsofScienceinCivilEngineering(BSc.Civil)fromtheUniversityofCapeTown(UCT),whichheobtainedwithFirstClassHonoursandasthetopgraduateinhisyear.Bruhhasanengineeringconsultingbackground,wherehehasgainedexperienceindesign,planning,costing,preparationoftenderdocuments,projectmanagement,constructionsupervisionof roads,municipalbulk services,housingprojectsandotherinfrastructuredevelopments.

Executive DirectorIndileni Kandele

Executive DirectorGeorge Hainana

ResponsibleforoverseeingExecutive,financialandBusinessDevelopmentfunctions

of the company.

Responsibleformanaging all site based activities to ensure that contracts are delivered ontime,totherequiredstandardwithinbudget,whilstmaximizingclient

satisfaction

ResponsibleforoverseeingExecutive,

Technical,andBusinessDevelopmentfunctions

of the company.

ResponsibleforFinance&Administration.Hisrole is to oversee the

accuracy,completeness,validity,reliabilityandtimeliness of Octagon Construction financial

records as well maintaining adequate

controls and monitoring compliance with

company policies and financial procedures to safeguard assets and

other resources.

Finance & Administration

ManagerLukas Betwel

Contracts ManagerBruh Ayele Terfie (Pr Eng.)


n CONSTRUCTIONOctagon specializes in:Road Construction and Maintenance, Municipal Services, Earth Works, Building Structures and Housing Development Projects

n CONSTRUCTION SURVEYINGWe have a qualified team of surveyors. We offer the following surveying services:• Construction Survey• Topographic and Engineering Survey • Cadastral Survey

n SERVICES OFFERED

n PLANT, EQUIPMENT & FLEETWe have a wide range of Plant, Transportation Fleet and Construction Equipment. We offer the following services:

• Transportation of Construction Plant & Abnormal Loads• Transportation of construction material • Plant and Equipment Hire

Types of Plant and Equipment

• Bulldozers• Excavators• Hydraulic Jack Hammers• Graders• Vibratory Rollers• Wheel Loaders• Tipper Trucks• Side Tippers• Low – beds• Crane Trucks• Flat Decks• Diesel Tanks• Water Bowzers


accredited professionals across new buildings, existing buildings, and interiors, in addition to over 250 professionals already trained who have not necessarily sought registration while there are officially two certified buildings (FNB as 4-star new building and Emcon Consulting Group as 6-star existing building).

With a team of five accredited professionals achieving a 6-star rating after a stringent 12-month performance period, and after only a single submission, Emcon has positioned itself as a leader in the green building sector and challenged Namibian businesses to raise the bar in committing to sustainability.

The N$425m 4-star FNB building's foundation stone was laid by President Hifikepunye Pohamba in June 2013 with GBCSA and GBCNA officials represented and the finished building was opened by President Hage Geingob on 28 October 2015.

Two buildings are already in the process of certification as existing buildings from two founder members of GBCNA: Ministry of Mines and Energy's Erongo regional office and the Seelenbinder Consulting Engineers office building. Both are targeting 6-star ratings in Namibia and South.

The new proposed National Assembly building has also already initiated the certification application for new buildings, with all its set of consultants already trained with Green Star Accredited Professional Faculty.

The new extension of the Ministry of Mines and Energy head office is intended to go green with an initial cost estimate of N$206m.

GBCNA has closely networked with GBCSA and other African network of green building councils notably Ghana, Nigeria, Kenya, Tanzania, Mauritius, Zambia and Zimbabwe to achieve common strategies to grow with support of WorldGBC.

Of these only GBCSA in Africa is among the 28 national established GBCs.

Last year Tanzania hosted the African network meeting during their TGBC launch in March 2015, followed by that in Hong Kong. This year the African network will be hosted by GBCSA during their 9th Annual Convention in Sandton – Johannesburg from 26 to 28 July 2016.

* The third convention will be held on 26 to 30 September at Habitat Resource Development Centre in Katutura. For more refer to the website www.gbcna.org and Facebook Page: Green Building Council Namibia – GBCNA– Frederick Muketi is the chairperson of the Green Building Council of Namibia

• FREDERICK MUKETI

WE ARE finding that the green building

sector in Namibia is a mirror of the Namibian climate where we have the highest solar radiation per capita in the world, and very poor rainfall patterns. Accordingly, our natural resources must be maximised in a sustainable manner; and we are also trying to encourage more

local manufacturing of green and sustainable building materials and products.

We showcase as many international precedents and Namibian achievements as possible at our Green Building Council of Namibia events and annual conventions.

Our objectives, through the conventions, are to build internal capacity for Namibia through knowledge sharing and

up skilling our local built environment professionals; and to urge our local suppliers to attend and encourage investment in local production.

Our voluntary inputs are instantly producing dividends. Since starting training of professionals for accreditation on 15 March 2013, we had the first Green Star SA-Namibia Accredited Professional in January 2015. Now we have 24 registered

Pushing for more green buildings in Namibia

Make it your own from the start with a Building Bond.

A Building Bond allows you to build your dream home from the ground up or renovate an existing building exactly the way you want it. Once work is complete, your loan seamlessly converts into a normal home loan, no fuss required.

Tel (061) 299 2222. w ww.fnbnamibia.com.na. Terms and conditions apply.

GONE GREEN .. FNB head office in Windhoek is a 4-star green building

Documents

Photo: Adam Hartman Housing & Property€¦ · 24.5 % in FY 10 to 22.3% in FY1 4 over the last 5 years while NED share has slig htly decli ned to 11.7% from a1 2.6% level. Table 1: