An area in south Belfast is set to have 220 new houses built as part of a £92m construction project at a number of sites across Northern Ireland.
The group behind the scheme said it expects to begin work on the new units at Cairnshill on the Saintfield Road next month.
The construction will be phased across four years and the Dermont Group - a joint venture between Donegall Place Investments and the McGinnis Group - said the province-wide project could potentially create up to 400 construction jobs.
Castlereagh South Alderman Geraldine Rice said: “I welcome the construction – I think in today’s climate everything is to be welcomed. I am quite happy to see that development is going on.”
Michael Hopkins, partner at McKibbin Commercial, agents for the Dermont Group, said: “This type of high quality housing is exactly what is needed to bolster the property industry and help first time buyers and others come back into the market.”
Pat McCormack, co-owner of Donegall Place Investments and a director of the Dermont Group, said: “This major housing project will meet both the demand for high quality homes which people can realistically afford and create much needed jobs in an industry facing some tough challenges.
“We have made a major investment because we believe in Northern Ireland and its people and we believe that prices are now at a point where people will have the confidence and the ability to re-enter the market.”
John McGinnis of the McGinnis Group, and a fellow director of the Dermont Group, added: “A deal like this illustrates that local people and companies are the key to pulling the Northern Ireland economy out of the recession.”