THE Housing Authority (HA) Board has given the green light to a new loan of $39million to help the entity in its planned delivery of 4700 housing lots over the next five years.
The Authority made the announcement this week, saying the approved additional borrowing of $39m will help in the completion of five current land development projects and in the partial funding of another five.
“The five land development projects in progress are Davuilevu – Nausori, Nepani – Nasinu, Koronisalusalu – Tavua, Tavakubu, and Tavakubu Infill in Lautoka,” HA said in a statement.
“The progress for the five current projects is 90per cent to 95per cent complete on the ground.
“The projected residential lot delivery dates are within Financial Year 2025/26 to 2026/27, producing 1726 lots with a total budget allocation of $99 million, of which 82per cent has been utilised.
“The new five land development projects are Tacirua, which commenced in August 2025; Veikoba is to begin in September 2025; Waila Phase 1 is to commence in July 2026, and Wairabetia is to begin in August 2026. For Waqadra in Nadi, this will commence from FY 2026/27. The projected residential lot delivery dates are from 2026 to 2029, producing 2974 lots with a total budget/ cost estimate allocation of $248 million, of which 6per cent has been utilised.”
HA acting chief executive officer Poasa Verevakabau said the HA subdivision development plan is aligned to both national and international goals, such as the National Development Plan and the UN’s Sustainable Development Goals.
“The Ministry of Housing plays a lead role in promoting and facilitating home ownership and supporting the Authority’s mission to assist families in the middle to low-income segments, prioritising those in the lower percentile income group.”
Mr Verevakabau said the total development cost is around $347m for the 10 projects, while delivery of the lots will boost the construction industry, with estimated aggregate cost of close to $1billion, progressively spent from 2026 to 2029 on the construction of new homes by the potential lot owners and construction companies.
“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,” he said.
He said HA, in partnership with the i-Taukei Lands Trust Board, plans to acquire more land for development and will review resource owner allocation for a long-term investment plan to improve community socio-economic welfare supporting the cross-cutting priorities objectives.
HA’s revised rates, effective August 1, 2025, are:
– For households earning below $30,000 annually: 2% per annum fixed for 5 years, then 4% per annum variable thereafter.
– For households earning between $30,000 and $50,000 annually: 3.50% per annum fixed for 5 years, then 6% per annum variable thereafter.
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Note: This article was first published under the headline: $39m loan okayed – HA to deliver 4700 lots over next 5 years in Page 15 of the print version of The Fiji Times dated Saturday, September 06, 2025
