It has been revealed today that a developer has quoted six one-bedroom apartments earmarked for social housing at a value of over 500,000 each. This is substantially more than the value of two three- and four-bedroom houses combined, elsewhere in the country.
If this outrageous tomfoolery goes ahead, the taxpayer would foot a bill of €3.5m for just six units (four one-bedroom apartments, and two two-bedroom apartments), as part of a new development located at the back of Oatlands College, Mount Merrion.
The planning application documents state that the developer would charge €536,638 for the one-bedroom apartments, and €671,485 for each of the two-bed apartments.
The developer, Balark Investment Limited, stated that “We wish to confirm that we have used the methodology in the department’s circular to estimate the costs.”