Business

Developers warn on Sinn Féin’s plans to change housing policies if in power

Seen & Heard: Quintain in Land Development Agency deal, tech giants call for research cash, and finance bill deters EIIS backers

Eoin Ó Broin, Sinn Féin's housing spokesman: Government policies not working. Photograph: Brian Lawless/PA Wire

Sun May 19 2024 - 13:12

Ireland’s biggest housebuilders have warned that Sinn Féin’s plan to “radically” change current government policy if it gets into power will slow down construction, according to the Business Post.

Senior executives at Quintain, Hines, Ballymore and other housebuilders have raised significant concerns that the delivery of new homes could be slowed dramatically if “radical” policies, as promised by the party, are implemented, the report said.

Isabelle Gallagher, Quintain’s head of development, said a significant shift in housing policy would undo progress made towards housing targets.

“If there’s a change in government, whoever that ends up being, and they reinvent the wheel and we have to go through that whole process all over again, that is going to create uncertainty in the sector, which slows us down,” Ms Gallagher said.

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Sinn Féin’s housing spokesman Eoin Ó Broin has said it will radically change housing policy if elected. “Anybody who thinks the current government housing plan is working isn’t looking at the facts,” he argued.

Quintain to sell 400 apartments in Dublin to LDA

Home builder Quintain Ireland will sell almost 400 apartments to the State’s Land Development Agency, according to The Sunday Times.

US-owned Quintain is already building the 392 apartments in Adamstown in west Dublin. The company has agreed to sell them on completion in 2026 to the Land Development Agency, which will rent them to tenants at cost under a Government scheme.

“The development will mostly comprise one- and two-bedroom apartments, arranged in blocks of five to nine storeys,” the reports said, adding that it would be the first deal that Quintain has done with the Land Development Agency.

Tech giants urge State to help fund research

The Business Post reported that tech giants including Intel, Amazon and Google warned the Government in March to boost cash for research to ensure the Republic stays ahead in the race to win investment in semiconductor manufacturing.

Technology Ireland, the industry’s lobby group, told the Department of Enterprise that a national semiconductor strategy should allocate cash directly to a national research agenda to avoid being outpaced by global rivals.

Government is reviewing industry proposals as it develops a national semiconductor strategy to cash in on EU opportunities, The Business Post noted.

Tax relief changes triggers drop in funding for start-ups

Replacing flat income tax reliefs with a tiered structure has prompted a two-thirds slump in the amounts of cash that well-heeled individuals are putting into the State’s Employment Investment Incentive Scheme (EIIS), the Sunday Independent reported.

Finance Bill tweaks to the scheme, meant to lure wealthy investors into backing start-ups, have made it less attractive, Mark Richardson, a partner at Azets Ireland and managing director of the Goodbody EIIS fund, said.

“The scheme won’t fall apart but it will be a tough year or two”, until there is more clarity for backers, Mr Richardson said.

Select to grow DID Electrical network of stores

Select Technology Group plans to roll out a number of new DID Electrical stores countrywide, adding to the 24 stores the electric gadgets and white goods company already has, the Sunday Independent reported.

Irish firm Select, which owns a chain of Apple premium resellers across the country, completed the acquisition of DID in December.

DID had been loss-making two years running, but Select managing director Ciaran McCormack said it had returned to profit in recent months.

UK inflation to ease further this week

UK inflation will show further signs of easing this week, according to The Observer. The British newspaper says the country’s Office for National Statistics is likely to report more falls in the cost of living on Wednesday.

Dips in families’ electricity and gas bills are likely to be the main reason behind the anticipated slide. “The only real question is just how good the news will be?” the report said.

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