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Floris Steenkamp
Original agreement changed at Deeds Office – land does not have to be returned to municipality after Afrikuumba Joint Venture expires in 50 years…………………..
By the single strike of a pen, the municipality of Walvis Bay in 2018 lost 80 % of its ownership in two plots (4939 and 4941) in the lagoon suburb earmarked for a waterfront development. The municipal swimming pool and cricket fields are currently situated on these two plots respectively.
The two plots were registered in the name of a Joint Venture company, Walvis Bay Waterfront Properties, in which the Walvis Bay municipality holds a 20 % stake and Afrikuumba Construction, owned by businessman Titus Nakuumba, holds an 80 % stake. A formal agreement is in place which stipulates the Joint Venture would only be in existence for a period of 50 years. After the 50 years period the Walvis Bay municipality’s ownership of the two plots with improvements would be fully restored.