Bank of Ireland raises its home building target
Bank of Ireland Group is aiming to support the construction of 30,000 homes across Ireland through debt and equity finance as it increases its target for the funding of home building.
Bank of Ireland is currently supporting the construction of more than 24,000 homes, across all housing types, on 220 sites in 22 counties.
It said this marked a significant step up from last year when the construction of 21,000 homes was funded.
As well as its new housing target, Bank of Ireland said it is also convening a group of key housing market stakeholders – drawn from homebuilders, equity investors, representative bodies and professional services – to consider ways in which the private sector can further increase housing supply responsibly.
Bank of Ireland last year increased funding available for new housing by 40% to €2.5 billion, including €1 billion for social and affordable projects.
Its recent projects include:
GEM Construction – 237 new homes in Dunshaughlin, Co. Meath (The Willows) and 220 social and affordable homes in Mulhuddart, Dublin (Churchfields)
Castlethorn – 123 family homes in Dublin 15 (Luttrellstown Gate)
Dwyer Nolan Developments Ltd – 531 apartments in Ballyfermot, Dublin
Hallmark Developments – 199 houses and duplex apartments in Mallow, Co Cork (Rose Hill)
O’Flynn Group – 96 houses in Kerry Pike, Co Cork
Torca Homes – 76 houses and 46 apartments in Clonmel, Co Tipperary
Myles O’Grady, Bank of Ireland’s group chief executive, said that housing development is a pressing economic and social issue for Ireland, but outputs remain materially behind annual demand.
“The constituent components of the housing issue are multifaceted and include a range of well-aired matters such as planning, zoning, the availability of serviced land, and public policy interventions,” the CEO said.
“While these are outside the direct control of the private sector, we hold an extremely important piece of the solution – the financing and construction of homes,” he said.
Article Source – Bank of Ireland raises its home building target – RTE