The Land Development Agency has announced a new framework panel that aims to provide more than 5,000 new homes in Ireland.
The panel will include 15 of Ireland’s “largest and most experienced” homebuilders with hopes that the initiative will accelerate the construction of large-scale high density and affordable housing projects.
The homebuilders were chosen by the State’s affordable housing delivery body through a public procurement competition.
The homebuilders chosen are as follows: Alanna Homes, Ballymore, Cairn Homes, Chartered Land, Elkstone, Glenveagh Properties plc, Greencare Construction Limited, Greenseed , Marlet Property Group, McGarrell Reilly, O’Callaghan Properties, O’Flynn Group, Park Developments, Quintain Ireland, Royalton Group.
The panel will provide a number of options, including forward funding mechanisms which will process phased payments to housebulders to ensure the completion of affordable homes.
The framework panel is a part of the LDA’s Project Tosaigh programme, which strives to complete housing projects by purchasing homes upon completion and then providing them as new homes to renters or to purchasers at an affordable price.
The LDA will put funding towards housing projects based upon milestones reached during the development proess. It is believed that this will speed up the delivery of homes as the LDA will run competitive mini tenders to drive “fair but robust” pricing tension.
Subject to funding, the agency will provide around €2 billion to key housing projects around the country.
John Coleman, Chief Executive of the LDA, hailed the panel as a “step-change” in the way the agency delivers homes.
“It identifies strong project partners who will work with us to design and deliver affordable homes in the right places, at scale and at the right cost,” he said.
“The framework will give the LDA greater control over the housing projects it funds, as the Agency will be more involved in design and financing from an earlier stage.
“It also provides more certainty for the housebuilders we partner with, incentivising them to achieve development milestones through staged payments.”
The panel will remain in place for four years.
Feature Image Credit: LDA
