Work to develop affordable homes begin
The government has begun engagement with potential developers of this public-private partnership project.
This comes at a time when there is a huge need for more affordable, climate-resilient homes, after the dual shocks of COVID-19 and a series of natural disasters taking a heavy toll on the Fijian economy.
Housing and Community Development Minister, Aiyaz Sayed-Khaiyum says this public-private partnership financing model with the International Finance Corporation will allow for the construction of multi-story housing projects across Viti Levu.
Sayed-Khaiyum says rather than entrench residential inequality, these mixed strata-housing units will be made affordable for families at many different income levels.
The project will be developed in the Central and Western divisions, with approximately 3,000 affordable housing units across six sites.
Some associated infrastructure, including access roads, has already been developed by the government at the six sites.
The IFC, a member of the World Bank Group, is the lead transaction advisor to the Fijian government for the project, which is expected to mobilise an estimated $400m of private investment in the country.
IFC Country Manager for the Pacific Islands, Australia and New Zealand, Judith Green says projects like this can deliver multiple benefits by lowering the burden of housing rent, increasing households’ disposable incomes, lifting consumption and investment, and ultimately, helping drive economic growth and development.
An estimated 250 informal settlements exist in Fiji, with limited infrastructure and access to essential services such as water and electricity.
One of the world’s most vulnerable nations to climate change and climate related-disasters, cyclones frequently result in loss of life and cause significant economic damage in Fiji.
The IFC says a transparent, internationally competitive tender process will be used to select a developer to construct and maintain the dwellings.
The developer will also have the opportunity to construct high-end housing units at the sites, which can be sold at market value.
In its call for expressions of interest from developers, the government is targeting entities with demonstrable experience in developing and maintaining affordable housing projects.
Since this project was unveiled in 2019 IFC has worked with the Fijian government to design the right PPP model to deliver affordable, climate resilient, and environmentally friendly homes.
The homes will be built using EDGE, a global green building certification system created by IFC that focuses on making buildings more resource efficient.
Credit: FBC
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