Boulter, Amushelelo launch no-interest housing estate

Plots starting at N$40 000, payable interest-free and without bank charges, will anchor a new housing development launched by businessman Harvey Boulter, social activist Michael Amushelelo and lawyer Kadhila Amoomo, who say the project is aimed at helping ordinary Namibians overcome financial barriers to property ownership.

Boulter explained the payment model yesterday during the launch of the Amushelelo Hosea Kutako Airport Estate, a 686-hectare development east of Windhoek.

Boulter said the project was conceived after recognising that many Namibians remain locked out of the housing market because so-called affordable homes become unaffordable once deposits, bank financing requirements and interest payments are factored in.

"Simply put, these homes are unaffordable for many Namibians," he said, adding that homeowners often spend decades paying interest instead of building wealth for their families.

Located about 30 kilometres east of Klein Windhoek along the Dr Hage Geingob Freeway near Hosea Kutako International Airport, the estate will offer 300-square-metre plots for N$40 000, 400-square-metre plots for N$50 000 and 500-square-metre plots for N$60 000.

Acknowledging that even these prices may still be beyond the reach of many households, Boulter said the developers had introduced an interest-free instalment plan starting at N$1 500 per month.

"If you reserve a 500-square-metre plot and pay N$1 500 a month, in 40 months you will have paid for the land. That is just over three years," he said.

"There is no interest. There are no bank charges."

He said the model was intended to give lower- and middle-income earners a realistic entry point into property ownership.

"Yes, it is going to be a stretch for a lot of people, but it starts to look more affordable than anything else we have ever seen here," Boulter said.

Thousands of new homeowners

The development is expected to accommodate between 9 000 and 10 000 homes and, according to Boulter, will be developed as a fully planned community rather than a conventional township.

Plans include schools, parks, clinics, shopping facilities, public transport infrastructure, civic amenities and places of worship.

"We cannot simply divide this land into plots. The intention here is to develop a complete planned community," he said.

Boulter said the project also seeks to redirect Windhoek's long-term expansion towards the east, arguing that growth to the north and west has contributed to congestion, longer commuting times and less family time.

"If we can develop a properly planned eastern corridor for growth, we can help create a more balanced pattern of development around the city," he said.

Proportional input

Beyond the purchase price of the land, buyers will contribute towards the installation of roads, water, electricity and wastewater infrastructure.

Boulter said the project would operate on a cost pass-through model, under which buyers pay only their proportional share of infrastructure costs.

"If the infrastructure costs 100 and that is your share, you pay 100, not 200 or 300, which is so often the case," he said.

He estimated that infrastructure could cost two to three times the value of the land, meaning buyers of a N$40 000 plot could ultimately contribute a further N$80 000 to N$120 000 towards servicing the land. These costs would also be payable in monthly instalments.

Paving the way

Boulter cautioned that the development would take time to complete, with work progressing through land surveys, regulatory approvals, infrastructure installation and ultimately home construction.

Once serviced plots become available, owners will be free to build at their own pace or seek financing through employers, banks or pension-backed housing schemes.

The developers also plan to offer optional modular homes ranging from one- to three-bedroom units, with starter homes expected to cost between N$100 000 and N$150 000, depending on the design and specifications.

"These are not compulsory. You do not have to take them. They are options available to participants in this project," Boulter said.

Describing the initiative as a pathway to home ownership rather than simply a land sale, he concluded: "Your journey starts here."