One of the largest social and affordable housing providers in the country, Clúid Housing, has put a €20 million cost on rectifying construction defects in its pre-2013 apartment stock.
Remediation work has already been completed at a number of its schemes, the organisation said, with medium to low level works completed as required.
“Regarding defects, our primary concern is resident safety, and that our homes continue to be safe, secure and comfortable into the future,” a spokeswoman said.
“We will continue to remediate any properties where defects are identified. The figure of €20 million remains our estimate at this stage, however we are updating this on an annual basis.”
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Clúid said it had received financial support via the Government’s defects schemes.
The organisation said 2024 was a record year for its housing delivery with 1,525 new homes, a 40 per cent increase on the 1,085 delivered in 2023.
Its latest output includes 328 homes in Airton Plaza, Tallaght, in South Dublin purchased by Clúid for €159.7 million in what was the association’s largest cost rental scheme to date.
Latest accounts for Clúid show the book value of its land and housing properties totalled €2.12 billion at the end of 2023.
In addition, Clúid had a further €135.7 million in ‘assets under construction’ and loans of €1.19 billion from the Housing Finance Agency, to help fund purchases.
The spokeswoman said it “intends to deliver 1,100 new homes in 2025, with a nearly even split between our construction and acquisition programmes”.
She said it anticipated delivering a further 1,000 homes each year thereafter. The 1,525 new homes in 2024 were made up of 876 turnkey properties and 649 via its construction programmes.
“Each of these represents a stable, secure and affordable base for an individual or family, who had previously been in housing need, to thrive.”
As of December 31st, 2024, Clúid managed 12,836 homes for 32,000 residents – 11,764 homes were owned and managed and 1,072 were leased and managed.
“The vast majority of Clúid’s homes are 100 per cent debt funded. The loans come from a combination of the State and the Housing Finance Agency or private lenders,” the spokeswoman said.
In 2023, Clúid recorded a surplus of €60.7 million as its revenues rose by 26pc from €93.95 million to €117.97 million. Compensation paid to seven key personnel totalled €1 million that included €150,743 to its chief executive.
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