The Housing Authority has this morning signed a commercial contract with the China Railway Company that will see the first step for construction of low cost housing on 169 acres of land in Tacirua East Stage 2.
The contract of $50million between the Authority and China Railway is part of the $70million Chinese Government's concessional loan to Fiji.
Housing Authority's Acting Chairman, Ratu Josateki Nawalowalo during the signing this morning said that this signing is a fruit of close to over two years of discussions and will see close to 1,500 families getting affordable housing in Tacirua East Stage 2.
Nawalowalo added that they are happy to have signed up with China Railway Construction Limited as the construction company has already had experience in construction in the country especially dealing with the Naqali Bridge.
Nawalowalo also revealed that the $50 million dollar loan maturity is 20 years with a five year grace period, with an interest rate of 2% per annum.
Construction of the 900 housing units and 1,050 single lots between Tacirua and Nepani is expected to begin by the end of the month.
Housing Authority signs $50m contract with China Railway Company
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