By John Burns

Copyright independent

It is time for the government to say “enough is enough”, and introduce emergency legislation, or fast-track some projects, according to Stephen Garvey.

Dealing with legal challenges against developments is still “extremely slow”, he said. “We were meant to get a fast-track planning system, and a fast-track planning court. We’re not seeing it. I’m delighted that the Justice Minister has now acknowledged this, and is going to deal with it in a proactive manner.”

The Glenveagh ceo cited the example of the Dublin drainage project, a €1.3bn sewage plant which is being built to facilitate more housing, but which was recently challenged in the High Court.

“That’s one of the highest priorities and should be dealt in a very timely fashion – brought into court, get a decision, and at least we can get on with what we’re doing,” Mr Garvey said.

He was speaking after Glenveagh issued a trading update showing that it completed more than 900 housing units in the first half of the year, compared to 424 in the same period last year. The company says it is on track to deliver about 2,600 units in the full year.

Following changes to apartment-building rules that were introduced this year by Housing Minister James Browne, the Glenveagh ceo said the company is now looking at reviving three projects that had been stalled.

The changes will particularly help the cost-rental sector, and allow the company to deliver a more affordable product and a better mix, with more apartments designed for single occupancy.

The Glenveagh ceo said the viability gap on apartments – the difference between what they cost to build and what the market would pay – had been about €100,000. The changes to the rules had probably reduced the gap by between €50,000 and €60,000. “So it’s a really positive step.”

Glenveagh reported revenues of €341.6m, which was a 124pc increase year-on-year, and gross profit of €66.8m, up from €27.7m in the first half of 2024.

There was revenue of €123.2m from its Partnerships segment, which sells finished housing units to the State, including the Land Development Agency. A pipeline of other Partnership projects, involving over 3,900 units being built on six sites, is expected to support more than €400m in revenues over the medium term.

Mr Garvey said: “This is the first interim reporting period where our Partnerships segment has made a material contribution to group profit, reflecting the scale and momentum now embedded in that part of the business. We are an established partner of choice for the State and continue to see strong demand and a growing pipeline of opportunities.”

Its homebuilding segment completed 566 units at an average selling price of €377,000.

The group’s full order book stands at approximately €1.4bn, same as at the same point last year. Land sales of more than €60m have either been completed or are at an advanced stage. It has planning permission for more than 1,500 units, and says all units for its next financial year now have planning approval. All units for its 2027 financial year are either planned or are at application stage.