The project was awarded by the National Housing Enterprise of Namibia and consists of the construction of 2523 residential units, which is due for completion in three years and six months.
“The company will therefore expand its operations into Africa to grow its existing pipeline of secured projects and diversify its exposure to housing in South Africa,” said [DATA CGR:CALGRO M3 HOLDINGS LTD.] in a statement.
“This project will be the company’s first venture outside the borders of South Africa with all construction being subcontracted to a local contractor in terms of the appointment.”
The group believes that the Otjomuise project will complement its strong pipeline of existing projects to be rolled over the next five to six years in South Africa.
“Construction on the existing 17 billion rand pipeline of secured projects has commenced with 15 billion rand worth of revenue still to be accounted for over the next five to six years,” said the company.
Construction on another four projects will commence during 2014 which will contribute to revenue growth as well as spread risk even further.