[File Photo]

The Housing Authority Board has approved an additional borrowing of $39 million to complete five ongoing land development projects and partially fund five new developments.

The ongoing projects which include Davuilevu – Nausori, Nepani – Nasinu, Koronisalusalu – Tavua, Tavakubu, and Tavakubu infill in Lautoka have a combined budget of $99 million, with 82 percent of the funds already utilised.
These projects are around 90 to 95 percent complete and on track to deliver 1,726 residential lots between the 2025/26 and 2026/27 financial years.

The approved borrowing will also support the commencement of five new land development projects with an estimated total cost of $248 million.

These new projects include Tacirua, which commenced in August this year, Veikoba is to begin this month; Waila Phase 1 is to commence in July next year and Wairebetia is to begin in August 2026.

These five projects are expected to deliver 2,974 residential lots from 2026 to 2029.

To date, six percent of the allocated funds for these developments has been utilized.

Acting Chief Executive Poasa Verevakabau says that the Authority’s subdivision development plan aligns with national priorities and supports the objectives outlined in the National Development Plan.

He also highlighted ongoing collaboration with the iTaukei Lands Trust Board to acquire more land for development and to review landowner allocations as part of a long-term investment strategy aimed at enhancing socio-economic outcomes for communities.

Verevakabau says that the total development cost for the ten projects is approximately $347 million, and their successful delivery is projected to significantly stimulate the construction industry.

He adds that an estimated $1 billion is expected to be spent from 2026 to 2029 on the construction of new homes by future lot owners and construction companies.

The Acting CEO adds that to make homeownership more accessible for low- and middle-income families, the Authority has reduced its home loan interest rates, creating a more affordable housing package with support available through the Ministry of Housing’s First Home Government Grant and the Reserve Bank of Fiji’s Concessional Housing Facility.

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