Cairn Homes Reveals €28.58M Price Tag for Dublin Apartments

UPDATE: Cairn Homes has just announced an indicative price of €28.58 million for 51 apartments in its ambitious €295 million development on former RTÉ lands in Donnybrook, Dublin 4. This urgent development is part of the company’s compliance with social housing obligations, with plans to sell these units to Dublin City Council.

The prices for these apartments are significant, with one-bedroom units starting at nearly €500,000 and two-bedroom units priced at approximately €644,896. The final sale prices will be determined once planning permission is secured, but early estimates reveal that the construction costs for these apartments are deeply analyzed, highlighting a complex breakdown of expenses.

According to the planning documents, the build cost for the €644,896 two-bedroom apartment is detailed at €329,998, with additional costs for site preparation, professional fees, and VAT contributing to the overall pricing structure. This insight into the costs underscores the high demand and pricing in one of Dublin’s most sought-after neighborhoods.

Recent sales data from the Residential Property Price Register further illustrates the market dynamics of Donnybrook, where homes have fetched prices up to €3.75 million. Since September 1, 2023, multiple homes in the area have sold for over €2 million, with a notable sale of €1.76 million on Morehampton Rd just reported on October 17, 2023.

Cairn Homes’ revised application reduces the number of apartments from an earlier approved 608 units to 510 units, omitting any build-to-rent apartments from the new scheme. The planning report states that construction has already begun, with ground clearance completed and the framework for the new structures underway.

In a strategic shift, the new proposal prioritizes larger living spaces, increasing the number of two and three-bedroom apartments while halving the one-bedroom units from 250 to 125. This change is designed to cater to the evolving needs of the community, providing more family-sized accommodations.

McGill Planning, representing Cairn Homes, asserts that this development will enhance the local community and respects the surrounding environment. They emphasize that the project will achieve a sustainable redevelopment of the site, benefiting future residents while aligning with urban planning principles.

As planning progresses, the next steps will include finalizing the sale agreement with Dublin City Council and securing the necessary permissions. The urgency of these developments highlights the ongoing housing crisis in Dublin, making this project a focal point for both local authorities and potential residents.

Stay tuned for more updates as this situation evolves and further details emerge on Cairn Homes’ significant project in one of Dublin’s most prestigious areas.