Ballymun, one of Ireland’s most deprived regions, is set to receive development in the sum of 800 million euros ($1.2 billion) in the form of a regeneration project to be carried out by Real Estate Opportunities plc (REO). The project will cover a 225,000 square metre area and begin construction in 2010 provided the funding is properly secured according to plan.
This project would be an enormous boon to Ireland’s sluggish construction sector and according to some experts, the largest project planning permission of its kind ever enacted in the nation. Ballymun, which lies very close to Dublin Airport, has recently welcomed Ireland’s first IKEA furniture store, but this project would bring in offices, shops and a cinema operated by a major international specialty company.
Over 2,000 jobs will be created by the project with stores possibly favoring the project over Ballymun’s older shopping centre, however some worry that the government’s planned National Asset Management Agency 54 billion euro proposal to bail out banks on high risk property loans could hinder this project.
The investment injection could be a very good thing for the flailing building and development sector, not only in the Republic of Ireland, but all across the globe. With investors currently hesitant to invest in development, local experts see this move by REO as a strong vote of confidence not only for the construction sector, but Ireland’s economy in general.
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