Chinese company snaps up Limerick site with planning for 384 units
New owners focused on development of social housing
A CHINESE-OWNED property development company has pinpointed Limerick city as a place of continued economic growth after purchasing land with full planning permission for a €100m housing project.
Siec Group, which has offices in China and Dublin, bought the site in Raheen from a firm linked to Didier De Witte, a Belgian millionaire based in the Dominican Republic, according to the Business Post. They paid in the region of €4.5 million.
An Bord Pleanala approved the plan for 384 residential units in Ballykeeffe, Raheen in 2022.
The 10.44-hectare site is located adjacent to three estates on the edge of Raheen - Ballinvoher, Inis Mor and Inis Lua. It is broken down into 20 two-bedroom homes, 156 three-bedroom homes, 26 four-bedroom homes.
On top of this, there will be 10 four-bedroom duplexes, 10 three-bedroom duplexes and six two-bedroom duplexes.
Also proposed are 18 three-bedroom apartments, 92 two-bedroom apartments and 46 one-bedroom apartments.
The major development will also see the provision of a new childcare facility, playground, substantial open space within the development, alongside a perimeter cycle track and over 300 bike spaces.
According to its website, Siec Group, is focused on the development of social housing projects in Ireland and the provision of donations to not-for-profit organisations.
“The company’s primary business is to provide global investors with access to long-term residence permits under the Irish Immigrant Investor Programme (IIP) through investment opportunities in social housing projects in Ireland in the form of development, finance and construction loans, as well as providing endowment funding of no less than €2 million to selected not-for-profit organisations,” says the website.
There was no response to a media query from the Limerick Leader at the time of going to press.