Namibia: Low-Cost Housing Prioritised
Bank Windhoek will finance potential buyers of PolyCare houses to alleviate the housing shortage and reduce the urban housing backlog.
PolyCare Namibia launched a project at its Brakwater factory early in February to construct durable and affordable houses. The company pledged to use new technology that utilises desert sand and resin to make building materials. These houses are for medium to low-income individuals or families, who cannot afford conventional housing at current market prices and interest rates. Bank Windhoek is the only financial institution that committed to providing financing to prospective buyers.
Polycare Namibia's director, Nico Badenhorst, said: "Once a customer receives a home loan approval from Bank Windhoek, we then design and build the house according to the customer's specifications."
The houses valued at between N$250 000 and N$350 000 are constructed without using mortar and dug-out foundations. They can be built within 10 working days.
PolyCare houses are built with a simple technique that is quicker and cheaper, yet still produces a finished building structure with far greater structural integrity than their traditional counterpart of brick and-mortar based houses.
"The polymer concrete used during this process, is stronger than conventional concrete and more resilient than its counterpart," said Badenhorst.
Meanwhile, Bank Windhoek's executive officer of marketing and corporate communication services, Jacquiline Pack, said: Bank Windhoek is a responsible corporate citizen and a connecter of positive change in Namibian communities.
She said: "This is a powerful initiative because it supports the strategic drivers of the Bank in areas of sustainability, partnering with our customers to advance their businesses interests and impacting the lives of ordinary Namibians."
She added that subject to the normal credit requirements, Bank Windhoek has committed itself to be part of the housing shortage solution by providing financial assistance to potential homeowners in low-income groups.
This building material was originally invented over 60 years ago. It consists of dry, mineral raw materials bound together with a mixture of reactive resins and hardeners. It also allows inexpensive filler material, such as desert sand and waste such as fly-ash from power stations to be used as components in the polymer concrete for general building construction purposes.
The PolyCare houses consist of manufactured precision engineered building blocks that are constructed on-site a building location.
Vice president Nangolo Mbumba who spoke at the launch of the construction project in February, urged various stakeholders to embrace the new technology, and make funding available to prospective homeowners as a way of addressing the housing shortage in the country.
He said this after learning that Bank Windhoek was the only financing institution which had so far agreed to provide funding to prospective buyers who want to purchase affordable quality Polycare houses within the low to medium-income brackets.
PolyCare Research and Technologies teamed up with local construction companies Namibbeton and KL Construction, in partnership with Guinas Investment to construct these environmentally friendly houses backed by 21st century research.
The local companies own the majority stake in the PolyCare Research Technology Namibia factory, situated at Brakwater, 20 kilometres outside Windhoek.
Source: All Africa