WEST DUBLIN: FROM €195,000:Developer Castlethorn has pushed out the boat in terms of incentivising buyers at its flagship schemes in Adamstown

CASTLETHORN HAS dropped prices again at its flagship starter home development in Adamstown, a new town taking shape near Lucan in west Dublin.

Homes at Adamstown Castle and Adamstown Square come to the market this weekend with price cuts of up to 31 per cent on the original price and a price drop guarantee of 15 per cent.

The most dramatic reduction has been at the top end.

Four-bedroom houses with 130sq m (1,400sq ft) of space have been reduced by €155,000 to €370,000 – a drop of 29.5 per cent.

Three-bedroom homes, which were priced at €410,000 when Adamstown was first launched back in 2006, are now €300,000 – a price cut of 27 per cent.

Three-bedroom duplex homes are priced at €275,000, down from the original price of €345,000, representing a cut of 20 per cent.

Also for sale at Adamstown are one-bedroom apartments at €195,000, down from €280,000 (or 30 per cent) and two-bed apartments at €235,000 down from €340,000 (or 31 per cent).

Selling agent Gunne New Homes will be opening a show village of seven homes at the site this weekend to give potential buyers a clear idea of what is on offer. All units on sale are ready for immediate occupation.

Standard features at Adamstown include white goods in the kitchen, tiling to walls in the kitchen, wardrobes in all bedrooms and Smarthome technology.

All three and four-bedroom townhouses have rear gardens and all main bedrooms are en suite.

In an effort to clear remaining units at the two schemes, Castlethorn is including a number of incentives into the price.

All homes come with a price guarantee of up to 15 per cent underwritten by Ulster Bank. Should the home drop in value by up to 15 per cent within five years of ownership the difference will be taken off your mortgage, explains the selling agent.

In addition, Castlethorn is offering to pay the premium for three years on an income protection policy which will ensure mortgage repayments are met for up to 12 months in the event of unemployment.

Meanwhile, planning permission has been secured for Adamstown Central – the new town envisioned at the heart of the district. Work on this element of the scheme is expected to begin at the end of 2009. When complete, this town centre element will comprise up to 60 shops, bars, cafés, restaurants and a cinema complex.

Adamstown is being developed under the Government’s Strategic Development Zone (SDZ) initiative, which requires developers to deliver schools, roads and community facilities in tandem with housing. Since the scheme was first launched in 2006 two primary schools have opened, with over 500 pupils enrolled between both schools. The first secondary school will open this autumn.