A multi-million pound investment in 108 new homes in the Downpatrick area is set to address a shortage of affordable properties for first time buyers. The investment by KAP Properties will create 30 new jobs and is being part-funded by Danske Bank.
KAP Properties was established in 2014 and has built several developments in the Downpatrick area. The new Saul Acres housing scheme is being built on the north and south side of the Saul Road in Downpatrick. The 108 homes will be built across three phases in the next two years, with phase two going on sale next month.
Philip Polly, Director of KAP Properties, said: “The first time buyers market is experiencing a resurgence in the Downpatrick area. We’ve completed 20 units on our first site and we had people camping outside the estate agents the day before they went on sale.
“At Saul Road, we’re building three bed detached and semi-detached homes that come equipped with SMART technology such as Nest thermostats. There has been a lack of new developments in the area so we’re hoping to complete at least 50 units in 2019. This is our third development in Downpatrick and we’ve created a strong reputation for building good quality affordable housing.”
He added: “We’re actively looking at sites in Belfast, Newtownabbey and Newtownards with a view to delivering affordable housing to more first time buyers. We’ve already identified a site in Killough where we hope to build 47 units.”
Paula Owens, Business Manager at Danske Bank, commented: “KAP Properties is a relatively young company but it has built an impressive reputation in a short time. Philip is known for creating properties to a high standard that are priced competitively in a challenging market.
“This new housing development will be welcome news to people in the local area.”