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28 May 2022

Developer slaps staggering price tag on 88 new social housing units

Developer slaps staggering price tag on 88 new social housing units

The proposal, under Part V of the 2000 Planning and Development Act, represents 10 per cent of the €466 million, 881 unit apartment scheme Hammerson proposes to build. File Pic.

A price tag of €42.6 million has been placed on 88 new social housing units located in South Dublin.

UK property giant Hammerson has put an indicative total price tag on 88 apartments it is proposing to sell to a local council for social housing in Dundrum, the Irish Independent has reported.

The publication explained that, as part of its social housing obligations under planning legislation, Hammerson wants to sell the apartments to Dún Laoghaire-Rathdown County Council.

In a response to the applicants, the council said: "while the unit costs exceed the council’s approved acquisition cost threshold, it is acknowledged that the stated costs are estimated as actual cost cannot be quantified at this preliminary stage."

The proposal, under Part V of the 2000 Planning and Development Act, represents 10 per cent of the €466 million, 881 unit apartment scheme Hammerson proposes to build.

It is understood that 90% will be privately owned housing.

Commenting on the news, BMA Planning described the planned development as 'an appropriate response for this Major Town Centre site'.

The group added that the new development would provide high-quality residential and supporting village centre uses at a central and accessible location in need of regeneration.

In related housing news, the Minister for Housing Darragh O' Brien told RTÉ's Morning Ireland that the Irish government will examine the possibility of payment for use of holiday homes to house refugees coming in from Ukraine.

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