The agent calls it "as vibrant as New York's Greenwich Village" with a young population that is "informed, intelligent, sexy", writes Edel Morgan.

If you are trying to guess which part of Dublin they are referring to, it's not Temple Bar, Smithfield or even the Italian quarter, but the village centre at Rathborne off the Navan Road in Dublin 15.

The newly-created village centre built by Castlethorn overlooking the Royal Canal certainly looks impressive architecturally and is already being talked about in terms of a "landmark" site, but the Greenwich Village comparison is perhaps a little premature.

Designed by O'Mahony Pike, it stands as a well-designed example of a new generation of developer-created village/town. In terms of its vibrancy, however, it is still early days, with less than a handful of shops open and five of the retail units still to be let.

The developer-created village has become a phenomenon of the noughties since the planning authorities began insisting that large swathes of housing be serviced by a mix of shops and local facilities. The commercial hub of the vast Ongar Village between Clonsilla and Clonee - built by Manor Park Homes on the grounds of the former Aga Khan stud farm - was perhaps the pioneer and its successors include Applewood in Swords and Tyrrelstown in Mulhuddart.

Accused of being soulless and artificial by some, these instant villages nonetheless provide a level of convenience and a central social hub for local residents - unlike many older housing estates. And in the current property market, where buyers are becoming increasingly discerning and don't want to be stranded in a vast sea of housing where the nearest shop is a five-minute drive, the race is on to sell a lifestyle through a seductive mix of amenities in attractive packaging.

In its brochure, agent Bannon Commercial is aware that even to attract a prospective trader in the village centre, you have to sell the concept of a place where a young up-and-coming population with disposable income will congregate.

It paints an appealing picture of life in Rathborne village centre - which will serve as a focal point for residents from over 4,000 homes from Rathborne and adjoining developments, like Ballymore's Royal Canal Park, and for a potential 74,000 people within a seven-minute drive - with residents strolling through the village, stopping maybe for a latte, making a booking at the upmarket bistro and checking out the latest DVD releases.

It remains to be seen whether rising interest rates will mean fewer lattes and nights in the bistro for Rathborne's young population for the foreseeable future.

The anchor tenant at Rathborne, Superquinn, opened a convenience-style supermarket of less than 929sq m (10,000sq ft) in June "to a great reaction", according to Andrew Carberry of Bannon Commercial. Douglas and Kaldi bistro opened two weeks ago and deals have been done with Banbury bookmakers, Reba hair and beauty, Coldwell Banker estate agents and the Bombay Pantry Indian takeaway.

A pub which Carberry refers to as being in an "iconic" building, had a guide price of €2 million but could go for more if the restaurant above it is incorporated.

He says they are open to proposals about the remaining five units which have rents ranging from €484-€592 per sq m (€45-€55 per sq ft) with suggested uses including a DVD store, florist and barber.

Carberry says a study of existing centres around the city was carried out before Rathborne was designed.

The result was a central shopping plaza, as well as restaurants and shops overlooking the canal.

According to Carberry, its success is that it acts as a focal point and shoppers can readily see what's on offer retail-wise. Not wanting to openly criticise the competition, he says some of the older centres are "higgledy-piggledy" in design, which affects the flow for shoppers and means they can't immediately see the retail content.

He names one centre in particular where there is "very little interaction between one side of the shopping street with the other. There is a busy road in between and quite a distance from one side to the other".

Ongar, built by Manor Park Homes and situated between Clonee and Clonsilla, is regarded as one of the pioneering mixed-use village centres built in tandem with a large housing estate.

With a Dunnes Stores of just under 1,700sq m (18,299sq ft) as anchor, around 13 shops and takeaways, two pubs, offices and a crèche, it has a catchment area of around 6,000 homes in the immediate vicinity and has been at the centre of a housing and population explosion in the Ongar, Littlepace, Castaheaney area.

After Ongar, a first generation of village centres sprung up around the city during the housing boom. The ones appearing now - like Beacon Court in Sandyford, Rathborne, Adamstown and the one planned for Belmayne off the Malahide Road in Dublin 13 (which is expected to be built by spring 2009) - are regarded as a second generation.

They are no longer about throwing up shops to satisfy the planners, but are considered an integral part of any large scheme as developers vie to attract buyers in a sluggish new homes market.