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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.

Walvis bayJack manaleTitus nakuumbaAgostino victorMuronga hainguraWalvis bay waterfront properties ptyEllis shilengudwa incorporatedDeeds officeRural developmentWalvis bay waterfront propertiesEconomic developmentExtraordinary councilAfrikuumba joint ventureJoint ventureAfrikuumba constructionChief executive officer