Omeya developer files for liquidation

ELVIRA HATTINGHWINDHOEKThe collapse of the property market has put them in a complicated situation, says Omeya Golf and Residential Oasis (Ogro), which cannot repay its creditors.The developer of the Omeya golf estate outside Windhoek yesterday brought an urgent application in the Windhoek High Court to liquidate itself - something that is apparently welcomed by the homeowners.Bank Windhoek meanwhile wants to oppose Ogro's liquidation application and wants it to be placed under judicial management instead.The bank believes Ogro's cash flow problem can be solved in several alternative ways and stated in court documents that Ogro also allegedly did not play completely open cards about its sources of income in its liquidation application in the high court. The urgent application was postponed to today after both parties asked for time to negotiate. “Our homeowners have been very worried for some time and are glad things are coming to a point,” said Arno du Plessis of the Omeya Homeowners Association.He said the association was ready, should the court decide on liquidation, to sit down with the liquidators as soon as possible to discuss the future of the upmarket development.Du Plessis said it is important for them that services continue to be provided and that the golf course is maintained. He said a liquidation order would also mean that the directors elected by the homeowners would have greater control, and therefore residents need not panic. Best interestsAndré van der Walt, one of four members of Ogro's board of directors, informed the High Court in an affidavit that although Ogro's assets are still in excess of its liabilities, it no longer has cash flow and is therefore commercially insolvent. Therefore, liquidation would be in the best interests of the creditors, as well as a large number of people who have an interest in the continued existence of the Omeya Estate, according to Ogro.“Ogro's main source of income is the sale of serviced plots and properties within Omeya, as well as a minimal rental income,” Van der Walt said.He said Ogro's revenue had dried up due to the downturn in the property market since 2018, which was recently exacerbated by the coronavirus pandemic.Ogro cannot repay two of its largest creditors, namely Bank Windhoek and First National Bank, which it owes about N$133 million and N$12 million respectively.“It requires monthly repayments of about N$900 000 and N$75 000 respectively,” Van der Walt said. Ogro also offers monthly financial assistance of about N$660 000 to its various subsidiaries, he added. Van der Walt said the uninterrupted availability of services and funding to Ogro's subsidiaries was essential to the survival of the estate.“The monthly financial obligations of Ogro cannot be met. There is no prospect that the situation will change or improve in the foreseeable future,” said Van der Walt, adding that their business bank account at Bank Windhoek had been frozen. Ogro said a liquidator could take proper steps to ensure that these services continue.Ogro said the application is urgent because it cannot pay its monthly expenses, which could hamper services such as provision of electricity, water and sewerage.Some of Ogro's subsidiary companies include the Omeya estate agency, a private school, Lilamed, which manages the operations of the retirement and care centre, the Omeya Development Trust, an infrastructure company, a retirement and care centre as well as a residents' association. Van der Walt Investment Trust, of which Van der Walt is one of the trustees, is the sole shareholder of Ogro. LIQUIDATE: The developer of the Omeya golf estate has applied for liquidation. Photo: CONTRIBUTE

Omeya developer files for liquidation

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Namibian Sun 2025-07-01

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Omeya developer files for liquidation

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Namibian Sun 2025-07-01

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