Cairn Homes prices four Montrose social housing apartments at €683,000

Cairn Homes has put an indicative price tag of €683,100 on four three-bed apartments it plans to sell for social housing from its planned mixed-use scheme on former RTÉ lands at Donnybrook in Dublin 4.

The builder this week lodged plans for 688 apartments and a 192-bedroom hotel at Montrose across 10 apartment blocks, one reaching to16 storeys in height.

[ Planning battle looms for Cairn Homes on former RTÉ land ]

[ Cairn Homes lodges fresh plans for apartment and hotel scheme on former RTÉ site ]

Planning documentation lodged with the Large Scale Residential Development application shows that in compliance with its Part V social housing obligations, Cairn is proposing to sell 69 apartments, or 10 per cent of the total number, for €39.14 million to Dublin City Council for social housing.

The new plan by Cairn Homes comes five years after it paid RTÉ €107.5 million for the 8.64-acre site.

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In the Part V package, Cairn is proposing to sell 35 one-bed, 30 two-bed and four three-bed apartments.

The indicative costs of the apartments range from €683,100 for a three-bed to €495,001 for a one-bed unit.

Cairn has put an indicative price tag of €653,643 on several of the two-bed apartments, while the average cost of an apartment in the proposed Part V deal with the council is €567,355.

A letter from Cairn Homes to the council on the costings cautions that its contents are indicative and are intended to provide a reasonable estimate of the costs and values of the units based on current construction costs and values.

If and when planning permission is granted, the developer and the council will enter negotiations on the final price of the apartments.