The Irish homebuilder acquired the Project Clear loan portfolio from Ulster Bank in December 2015 and is on target to converting 90% of all the loans into direct site ownership by the end of the year.

The four sites have a combined potential to deliver in excess of 1,150 residential units and Michael Stanley, CEO of Cairn Homes, felt it had a strong pipeline of very well-located development land.

“In the past 12 months we have acquired a core land bank of 25 development sites with the combined capacity to deliver in excess of 11,000 homes.

“Our business model moving forward is simple; our capital structure, strong governance and the experience of our team affords us the opportunity to make a long-term commitment to home building in Ireland. 

“Crucially this structure allows for close collaboration with other industry stakeholders, in particular our growing sub-contractor base, our suppliers, design professionals, local authorities and regulators.”

However, Michael warned that the house-building industry faced challenges, but felt Cairn’s more sustainable approach to home building gave it an advantage.

“It will allow Cairn Homes to make a meaningful contribution to the very significant shortage of high-quality and affordable new homes in Ireland.

“We continue to scale our housebuilding operations toward our objective of delivering c 1,000 - 1,200 homes per year by 2019.

“Sales at our Parkside site continue to progress well, with 70 houses sale agreed to date and 35 customers moved into their new homes.  

“In addition, the launch of Cairn's development at Albany last weekend was very well received by both customers and commentators."