£90m plan for 550 houses in Bangor to create 100 jobs
A massive £90m housing development of 550 new homes - one of the largest of its kind since the crash - is being built in Bangor.
Belfast company Lagan Homes is behind the ambitious plans which will see family houses built in two locations in the Co Down town in a project that is predicted to create around 100 jobs.
Building has already begun at Lynn Hall Park on the Rathgael Road, while a second site at Helen's Wood is currently going through the initial stages of the planning process.
The development is one of the largest single housing projects in Northern Ireland since the recession in 2008, according to Samuel Dickey, the Royal Institution of Chartered Surveyors' residential spokesman.
"It probably is (the biggest since the recession)," he said. "For a long period we weren't building and haven't had investment. Overall, the picture is of confidence. We have a shortage of houses, and there has been a shortage of house-building.
"It's a good sign, this project from Lagan Homes for housing.
"They have confidence in bringing jobs, with a skilled workforce, putting people on the ground to build houses.
"There is a shortage of houses, and there is demand for new homes."
Nicola McCrudden, Chartered Institute of Housing director for Northern Ireland, added: "This is excellent news and further indication of the green shoots of recovery in the local housing market.
"Only a handful of private housebuilders are building more than 100 houses each year.
"A generous investment like this provides much-needed homes for our growing population and supports vital economic growth."
Conor Mulligan, managing director of Lagan Homes, also praised the development.
"We are delighted to be involved in the acquisition of these two fantastic development sites which are a major part of our planned expansion and investment in the Northern Ireland market," he said.
"The demand for quality affordable homes in Northern Ireland is high and we can see growing confidence in a more buoyant housing market.
"These newly-acquired residential sites represent a return to spacious detached and semi-detached houses and townhouses designed for family living. As a result, we are reducing the density on these two sites from the approved 1,200 (predominantly apartments) to 550 traditional family homes."
The development is due to be completed in 2020 and has been co-financed by Danske and First Trust banks.