A LARGE parcel of land in a Limerick City suburb with planning permission for almost 400 new homes has been snapped up by a Chinese-owned property development company.
The land in Raheen has planning permission for 384 homes and was bought by Siec Group for a reported €4.5million, according to the Business Post.
The land was previously valued at €6.2million in 2022.
Siec Group was established by Chinese businessman Tie Jun Hui in 2016 to help Chinese residents apply for residency in Ireland under the Immigrant Investor Programme (IIP).
The IIP, which shut down last year, was set up in 2012 and allowed non-European investors and their families to get Irish visas if they invested a sum of money in an Irish business or property.
The 10.44-hectare Raheen land has planning permission for 384 homes, split into 20 two-bedroom homes, 156 three-bedroom homes, and 26 four-bedroom houses, along with 10 four-bedroom duplexes, 10 three-bedroom duplexed, and six two-bed duplexes.
Also proposed are 18 three-bedroom apartments, 92 two-bedroom apartments, and 46 one-bedroom apartments.
Siec already owns a number of sizeable developments across Limerick, including the Cois Portfolio, comprising of eight units at Cois Rioga, Caherconlish, 10 Units at Cois Ghruda, Castletroy, and 18 Units at Cois Luachra, Dooradoyle, the Cois Teampaill Housing Development in Newcastle West, and Castlecourt, in Castleconnell.
Siec Group’s investments in Limerick total an estimated €10million, according to its website.
Siec Group has offices in Dublin and China and says it is focussed on the development of social housing units with cash raised from Chinese investors using the IIP scheme.
