Fiji Housing Authority approves $39M borrowing to accelerate housing developments

The Housing Authority Board has sanctioned an additional $39 million borrowing to advance five ongoing land development projects and initiate five new developments. Among the existing projects, Davuilevu – Nausori, Nepani – Nasinu, Koronisalusalu – Tavua, Tavakubu, and Tavakubu infill in Lautoka, share a collective budget of $99 million, with 82% already invested. These projects are nearing completion, with a 90-95% progress rate, and aim to offer 1,726 residential lots between the fiscal years 2025/26 and 2026/27.

This financial boost will further aid in launching five new land development projects estimated to cost around $248 million. The new ventures include Tacirua, which began in August, Veikoba set to start this month, Waila Phase 1 set for July next year, and Wairebetia slated for August 2026. These projects are projected to develop 2,974 residential lots from 2026 to 2029, playing a significant role in addressing housing demands.

Acting Chief Executive Poasa Verevakabau emphasized the alignment of the Authority’s plans with national goals, focusing on enhancing socio-economic outcomes through collaboration with the iTaukei Lands Trust Board. This initiative ensures the successful delivery of these projects, expected to invigorate the construction industry significantly.

The comprehensive development strategy envisions an estimated $1 billion flowing into new home construction from 2026 to 2029, boosting both economic and housing sectors. To facilitate homeownership, especially among low- and middle-income families, the Authority has lowered home loan interest rates. This move complements support provided by the Ministry of Housing’s First Home Government Grant and the Reserve Bank of Fiji’s Concessional Housing Facility, making housing more affordable.

This development strategy by the Housing Authority is a critical step towards meeting growing urban housing demands. It also ensures enhanced accessibility to affordable housing for Fijians, providing a hopeful outlook for homeownership and community growth.