The National Asset Management Agency (NAMA) plans to build commercial property and twenty thousand residential properties over the next 5 years. NAMA hope to deliver 3.8 million square foot of commercial property in Dublin’s docklands.
The NAMA chairman, Frank Daly, said that the proposed building programme will result in higher profit for tax payer. It is estimated that the residential building project will require €5.6 billion in funding with NAMA saying that funds from completed projects will be used to fund new commercially viable projects. NAMA say that their residential programme will focus on starter homes for first time buyers and would also include social housing.
There are circa 1,405 housing units currently under construction under the NAMA plan and they are being built in Dun Laoghaire, Swords, Ballycullen.Kncklyon, Baldoyle/Clongriffen, Stepaside/Foxrock, Pelletstown/Ashtown and Castleknocn/Diswellstown.
It is estimated that the commercial building programme will require €1.9 billion in funding. It is proposed that the commercial programme will be a mix of retail space, restaurant space, hotel space and student accommodation. The commercial building will be focused in the Dublin Docklands which is part of a strategic zone, where fast track planning permission is available.