Cow approves building plans worth N$226.3 mln

In August 2022, additions were the main driver of building plans approvals by the City of Windhoek (CoW) in both units and value. The 232 building plans were valued at N$226.3 million.According to IJG Securities, 169 additions to properties were approved valued at N$147.8 million, the highest value of approvals in a single month since January 2018.“It should however be noted that N$100 million worth of additions to the Lady Pohamba Hospital in Kleine Kuppe alone made up 67.7% of this total,” IJG pointed out.Year-to-date, 1 093 additions to properties have been approved with a value of N$642.5 million, an 11.2% year-on-year increase in number terms and a 37.9% year-on-year increase in value terms. Only 37 Additions worth N$19.6 million were completed in August, IJG said.In addition, new residential units were the second largest contributor to the number and value of building plans approved with 55 approvals registered in August compared to 112 in July. In value terms, N$40.9 million worth of residential units were approved in August, a 75.8% month-on-month decrease from the high base in July, and a 51.4% year-on-year decline.On a twelve-month cumulative basis, the number of residential units approved fell by 12.6% year-on-year to 801. 25 new residential units worth N$19.0 million were completed during August, a 26.7% month-on-month decrease in value terms.CommercialMoreover, 8 new commercial and industrial units valued at N$37.7 million were approved in August. This compares to 5 units valued at N$20.4 million in August 2021 and is the highest number of approvals since February 2020. Year-to-date there have been 30 commercial and industrial building approvals valued at N$101.1 million, translating to a 20.0% year-on-year increase in number, and a 15.1% year-on-year increase in value terms compared to the same period last year. On a rolling twelve -month perspective, the number of commercial and industrial approvals increased to 42 units worth N$184.6 million, compared to the 34 approved units worth N$143.0 million over the corresponding period a year ago. One commercial and industrial unit worth N$2.2 million was completed in August.“While the number of approvals of a single month cannot be used to infer a change in trend, the relatively high number of commercial approvals in August is still encouraging as it indicates that some corporates are expanding their operations,” IJG said.-phillep@nmh.com.na

Cow approves building plans worth N$226.3 mln

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Cow approves building plans worth N$226.3 mln

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