The all-Ireland property group, Dunloe Ewart, has no plans to reduce its portfolio in Northern Ireland or to delay the development of its current sites according to its chairman.

Mr Noel Smyth said the group was alive and well in Belfast and had a "vibrant" portfolio which he believes can continue to deliver strong value for shareholders. "Dunloe Ewart has no intention of selling any of our portfolio and every intention of developing what we have," he said.

There had been strong industry speculation about its intentions in the North since the indication last week from its current director there, Mr Barry Gilligan, that he intends to resign.

Dunloe Ewart has also suffered from a series of minor setbacks in Belfast because of planning squabbles which have led to a series of legal challenges against the Belfast Regeneration Office. The property group has repeatedly objected to what it has described as "civil servant obstacles" to the progress of its proposed £150 million sterling (€244.3 million) Cathedral Way proposal.

Dunloe Ewart has already spent £15 million acquiring sites in the area which is earmarked for major redevelopment as part of an initiative by Laganside Development Corporation. However, it has not yet secured planning approval for the scheme despite the fact it has been in discussions with potential investors for months.

Industry observers believe that unless Dunloe can woo Belfast Regeneration Office it could lose support from major retailers for the scheme and be left seriously exposed. According to industry sources, Dunloe Ewart, is growing increasingly frustrated by planning delays in the North.