One of Dublin's largest commercial property developers, Treasury Holdings, is to diversify into housebuilding because of the continuing market boom. The company has acquired sites at Kinsealy, in north Dublin, and in Cabinteely, on the opposite side of the city, for housing developments. It is also expected to chase a number of other sites due to go for sale in the coming weeks.

Treasury recently strengthened its management team by recruiting Maurice Harte and John Bruder from AIB Investment Managers and Ken O'Kelly, former managing director of Sisk Construction.

Treasury, through its joint venture company, Castlemarket Holdings, recently paid in the region of £6 million for 9.7 acres of land owned by the former Taoiseach, Charles Haughey, along the main Dublin-Malahide Road. The new owners are expected to seek planning permission for around 150 houses on the site which is zoned for a "village style" development.

Treasury is also planning a large residential development on 10 acres it acquired for around £4 million at Lehaunstown, Cabinteely. When it bought the land some years ago it was zoned for one house per acre, but with higher densities now on the way, the company is hoping to secure permission for a good-sized scheme.

Treasury, which is controlled by John Ronan and Richard Barrett, is involved in a number of high-profile developments including the huge Spencer Dock scheme which has been refused planning permission in the Dublin docklands. It is also developing the Westin five-star hotel on College Street and Dublin's largest office development, of 1.75 million sq ft, at Central Park in Leopardstown.