LDA enters into agreement with construction companies to build 5,000 new homes

Majority of the homes will be State-owned cost rental apartments

Under this agreement, the LDA will provide funding throughout construction of the housing projects based on certain milestones.

The State’s Land Development Agency (LDA) has entered into a partnership with 15 construction companies to deliver 5,000 new homes over the coming years as new data shows the number of planning permissions granted for homes has dropped significantly.

The panel includes some of the State's largest residential developers including Cairn Homes, Glenveagh Properties, and Marlet Property Group. According to the LDA, this new framework panel will ease financing issues by allowing phased payments to house builders for affordable homes.