The Cuvelai Special Housing Project, which was launched on Friday, will build 2,000 affordable houses in Keetmanshoop.
The project, a nationwide initiative, aims to tackle Namibia's critical housing shortage.
The programme mobilises long-term capital from investors, including pension funds, to create sustainable housing solutions for underserved communities.
Keetmanshoop has been selected as one of the key development zones, reflective of the government's commitment to balanced regional development.
Deputy Minister of Urban and Rural Development Evelyn !Nawases-Taeyele announced the pricing structure of the new houses.
"This gathering signifies a reaffirmation of our concerted efforts as a government and private sector to collectively address the housing needs of our people. Therefore, this project, I am informed, will offer two-bedroom houses priced at N$250,000, three-bedroom houses at N$350,000, and four-bedroom houses at N$400,000."
She added that mortgages for the units will be affordable.
"The Cuvelai Housing Scheme and formalisation of partnership and support plans to invest a funding total of N$40 billion, and the regulated part of the fund will be N$10 billion. This means that N$10 billion will be channelled through the regulated fund, and the remainder will be paid directly by the mortgage and home loan providers such as 20Twenty Mortgage Company, Kuleni Financial Services, First Capital Housing Scheme, and other financial institutions that are willing to participate in the scheme."
The Governor of the ||Kharas Region, Dawid Gertze, explained how Keetmanshoop secured the land for the development.
"According to the information I received, Cuvelai made a presentation to the Keetmanshoop Municipality in an effort to address the serious housing backlog we are experiencing in the country, particularly in Keetmanshoop. They approached and asked for land. The Keetmanshoop Municipality heard the presentation, then convened on the council grounds to discuss it, resulting in a resolution to donate land for the construction of over 1,000 additional houses."
Next year, as construction plans advance, the project will enter its next phase.
The houses will be constructed in the Noordhoek settlement, and Gertze pledged his full support towards the successful rollout of the project.