The Fijian Teachers Association (FTA) is currently awaiting the final valuation report for a $23 million building scheduled for construction by the end of the year. This new structure will serve as an additional facility at the FTA’s headquarters in Suva.
FTA general secretary Paula Manumanunitoga announced that the association has engaged local engineer and architect Ulaiasi Baivatu, who has created the initial ground plan for the building. Additionally, property valuation specialist Keni Dakuidreketi has been contracted to provide a valuation for the construction.
“We are now waiting for the final valuation report from Mr. Dakuidreketi regarding the value of the planned new building,” Mr. Manumanunitoga stated, adding that Dakuidreketi verbally indicated the value may exceed $23,000.
He mentioned that discussions with banks are progressing well, with three commercial banks expressing interest in financing the project.
“We are optimistic about this project and believe that we will secure funding through loans from banks that have shown a willingness to support the construction,” Mr. Manumanunitoga noted.
The banks interested in financing include BSP, HFC, Merchant Bank, Westpac Bank, and potentially the Bank of Baroda.