NAMA says Construction ready to commence now on 1,000 units in 6 areas of Dublin
NAMA CEO, Brendan McDonagh has stated that the agency will fund and facilitate the delivery of 4,500 new house and apartments over the next 18 months (up to end 2016) and is progressing sites through the design and planning process with a potential to deliver up to 25,000 residential units in sites linked to debtors of the agency.
Mr. McDonagh identified 12 areas in Dublin (ranging from Ballsbridge to Ashtown) where construction is now ready to commence on a total of 1,000 units.
Mr. McDonagh was speaking at The National Housing Supply Conference – a special conference convened by NAMA and attended by policy makers from National and Local Government to discuss issues facing the housing market. Speakers at the conference included the Minister for Finance, Mr. Michael Noonan TD, Dr. David Duffy of the ESRI, Mr. Niall Cussen, Principal Adviser (planning) in Department of Environment, Community and Local Government, Mr. Daniel McLoughlin, Chief Executive of South Dublin County Council, Maurice Crowley, Retail Director of Banking and Payments Federation Ireland and Marian Finegan, Chief Economist with Sherry Fitzgerald Group.
In his presentation Mr. McDonagh said that an analysis by the Agency showed that sites controlled by NAMA debtors/Receivers could deliver 40% of the demand for houses in Dublin, which had been identified in a recent study by the ESRI. The ESRI has calculated demand for approximately 7,000 houses in Dublin annually up to 2020.
Mr. McDonagh said that NAMA has adopted a tiered approach to debtor and receiver housing sites; all sites linked to loans held by the Agency have been reviewed and categorized into Tier 1, Tier 2 and Tier 3 sites depending on the extent to which they are “shovel-ready”.
NAMA will provide funding to ensure the deliver of the new homes and will also provide intensive project management to support debtors and receivers and to address legal/title issues, feasibility analysis, design, planning, procurement, construction and disposal.