The Land Development Agency is offering to forward purchase apartment developments in Cork and four other Irish cities as part of a major initiative to accelerate housing delivery and provide cost rental homes.
The State housing body has launched the latest phase of its Project Tosaigh I Housebuilder Partnerships programme, specifically targeting higher density apartment schemes of more than 100 units in Cork, Dublin, Galway, Limerick and Waterford.
Under the scheme, the LDA will pay deposits upfront and agree to purchase developments in full once completed, providing the financial stimulus needed for builders to advance stalled or unviable projects. All completed homes will be made available through the cost rental scheme.
This marks the third such call for expressions of interest since the programme began, following previous rounds in November 2021 and October 2022. Those earlier initiatives secured agreements for 2,800 new homes.
The LDA’s Project Tosaigh partnerships have already delivered impressive results, with more than 1,700 homes completed to date, a further 2,500 under contract, and another 1,500 currently being negotiated.
To qualify, developments must have full planning permission, be ready to commence construction soon, and involve builders with strong financial backing and proven track records. Projects must also demonstrate value for money, quality design, and alignment with EU sustainability guidelines.
John Coleman, Chief Executive of the LDA:
“We are pleased to announce this latest phase of forward purchase expressions of interest under Project Tosaigh I. Project Tosaigh is an excellent initiative and has already resulted in the delivery or pending delivery of almost 6,000 new homes. Once we identify suitable projects, we will move quickly with the homebuilders to advance construction and to complete the homes.”
The initiative operates separately from Project Tosaigh II, which involves a framework of 15 developers working with the LDA on phased funding arrangements. That programme has already contracted for 1,500 homes currently under construction.
Homebuilders have until 31st July 2025 to submit their expressions of interest to the LDA.