Sunday 21 December 2014

Half of houses needed in Dublin could be built on NAMA land

Patrick Edwards

Published 05/07/2014 | 02:30

Dublin city

THE National Asset Management Agency could play a key role in providing new housing stock in Dublin, NAMA boss Frank Daly said.

In a speech in Waterford, Mr Daly said NAMA sites could deliver up to half of Dublin's residential demand over the next five years, which is estimated at between 40,000 and 50,000 houses and apartments.

The NAMA chairman said the agency has "shovel ready" sites that could deliver 3,000 new residential units in Dublin. Half of these are already under construction.

"Contrary to the common association of NAMA with so-called 'ghost estates', NAMA's exposure to the most problematic housing estates in the country is quite limited, and certainly less than most people would expect," he said.

Other sites with development potential over the short-term could deliver another 19,000 units, he added.

"And on top of all that, NAMA can call on an additional 500 hectares of development land, which could accommodate new units in Dublin if we can overcome planning and infrastructure impediments," he added.

The agency, which is due to be closed down in 2020, has no plans to hold on to property.

"NAMA, given its public remit, has no intention of hoarding development land," Mr Daly added.

NAMA has sold assets worth €5bn so far this year compared to €3.7bn for all of 2013, he added. He added that NAMA has generated €20bn gross cash flows since inception, €16bn from property and loan sales, €4bn from other income.

The agency is currently trying to sell assets in Ireland worth €800m.

"In the period between 2010 and mid-2013, we resisted 
pressures to sell Irish assets at fire sale prices to predator buyers who had an eye on flipping those assets to make quick returns," Mr Daly said.

Mr Daly reiterated that NAMA expects to invest at least €1.5bn over the remainder 
of NAMA's life in areas surrounding Dublin, Limerick, Cork and Galway to meet demand for new office accommodation.

Irish Independent

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