Value of ‘ghost’ e-towns reduced by over €2m

SHANNON Development has written down the value of its €7 million e-town projects by €2.4m.

The regional development agency has sold only one of its 12 live-work units at its €4m e-town in Miltown Malbay, Co Clare — in spite of the project being launched two years ago.

Earlier this year the agency opened its second e-town project in Tarbert, Co Kerry, at a cost of €3m, prompting Miltown Malbay resident, Ann Rynne, to question why Shannon Development has “gone ahead with another project in these recessionary times.