The Fijian Teachers Association (FTA) is currently awaiting the final valuation report for its new $23 million building, which is scheduled for completion by the end of this year. This new structure will serve as an extension of the FTA headquarters located in Suva.
FTA general secretary Paula Manumanunitoga reported that the association has partnered with local engineer and architect Ulaiasi Baivatu, who has created initial ground plans for the project. Additionally, they have consulted with Keni Dakuidreketi, an expert in property valuation.
Mr. Manumanunitoga stated, “We are now awaiting the final valuation report from Mr. Dakuidreketi on the value of the yet-to-be-constructed new building.” He noted that Dakuidreketi has conveyed that the estimated value would likely exceed $23,000.
Preliminary talks with several banks have been promising, with three commercial banks expressing interest in financing the project. Mr. Manumanunitoga expressed confidence that the FTA would secure the necessary funding through loans.
“We are confident in this project, as banks have indicated their willingness to finance the construction,” he added. The banks showing interest include BSP, HFC, Merchant Bank, Westpac Bank, and potentially the Bank of Baroda.