Builders Glenveagh cut price of apartments in Greystones Marina
Glenveagh Properties is reducing the price of apartments in Greystones, according to reports in the Irish Independent.
The home builder said it has cut prices on more than 220 properties, including at its Marina Village development in Co Wicklow.
Glenveagh has branded these properties as “non-core” assets that need to be sold within 12 months.
The firm originally had expected to take up to four years to sell many of the properties in question, but now wants to offload them at a discount to generate maximum cash in hand.
Chief executive Stephen Garvey said prices started to be discounted three to four weeks ago and approx 10% of the properties already has been reserved or sold as a result.
The Maynooth-based firm recorded a gross loss of €15.2m in the first six months of 2020, versus a €7.5m gross profit in the first six months of 2019. It also reported an underlying loss of €7m.