Private developers are set for a €300million sales bonanza selling private homes on public land in a proposed €11million deal with Fingal County Council.
And the taxpayer will be paying the developers Glenveagh €20million in grants to compensate them for providing amenities.
This effectively means the developers are in profit to the tune of €9million before a sod is even turned.
The lands are in the constituency of Housing Minister Darragh O’Brien of Fianna Fail.
The plan has been blasted by Sinn Fein as another “sweetheart” land deal, similar to ones that cuckoo funds have been slammed for availing of.
The land deal is coming before a special meeting of FCC tomorrow night where the council will be asking councillors for approval of a deal they’ve already brokered.
The proposed disposal will see a large tract of land at Ballymastone, Donabate, sold to Glenveagh Living Ltd for €11million.
The deal sees the firm snapping up sites at an average of just €15,000 each, less than half the estimated current Dublin market value of €30,000 to €35,000 per site.
There will be 238 social houses built and bought back by the council, and 238 affordable homes built and sold for €250,000 and €270,000.
The majority, 718, will be sold off to the private sector at full market value, which the council says currently range from between €390,000 to €440,000 for three-bedroon homes and €330,000 to €450,000 for two beds.
This would yield sales of more than €300million and profits potentially running into tens of millions.
Sinn Fein councillor Ann Graves is calling for the deal to be stopped.
She said: “I fully support the development of the Ballymastone lands at Donabate. I want the council to deliver genuinely affordable homes for working people.
“But I cannot support public land being sold at half its market value.
“Nor can I support a scheme in which 60% of the new homes will be sold at unaffordable prices of up to and beyond €400,000.
“Why Government won’t just fund the council to deliver real affordable homes?
“I just don’t understand.
“Why do they keep giving big developers and investors sweetheart deals?”
Sinn Fein is bringing a motion to the special FCC meeting tomorrow night looking to block the deal going ahead.
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