Launching of the first home at ifira Island

Exempted from Duty and Tax but Still Sell at Vt8 Million Per Home

The unveiling of a VT8 million home by the National Housing Cooperation on Ifira Island will soon face scrutiny not only for the rates but also for the fact that there is some miss-conception that the Vanuatu Government owns these homes.

The Vanuatu Government does not own these homes but it will allow materials for these homes to arrive in Vanuatu without duty and tax. The NCH Act will provide exemptions for the building materials, but there will be no reduction in housing rates. The price rate of VT8 million per home is what the public will be expected to pay.

International Green Structures (IGS) headquartered in Stevensville, Maryland, USA and GRD Corporations Vanuatu Limited of South Korea executed a $56.7 million contract benefiting the Vanuatu National Housing Corporation of the Republic of Vanuatu. The IGStructures are long awaited housing for the Vanuatu government employees.

That being said, the idea of making homes affordable at VT8 million does not really fulfil the meaning of “affordable”. The homes to be constructed by the Korean company are expensive given the fact that all materials for these homes will be exempted from duty and tax.

Ifira Trustee Limited were expected to purchase 300 of these homes but executives from the company feel this is really stretching the imagination as any purchase or commitment would have to be approved by the Ifira Trustee Limited board of directors.