SA1flats project is worth millions
A MULTI-MILLION deal for another SA1 development has been signed.
It will see another flat development for the over-55s overlooking the Prince of Wales Docks.
Developers claim the deal could be worth around £10 million for the city's economy with the construction industry in particular to reap the rewards.
Coastal Housing Group — formerly Swansea Housing Association — has acquired the site overlooking the Prince of Wales Dock from the Assembly Government to develop 66 affordable homes.
Construction is due to start on site mid 2009.
The latest deal is seen as a strong sign of confidence in SA1 by Coastal Housing and follows the completion this week of their £12 million development of 79 apartments for retired people.
The five and three-storey development on a one-acre site on SA1 is adjacent to the Village Hotel and includes balconies and a courtyard.
It is Coastal Housing's largest privately funded project to date and is geared towards the empty nester sector — people, aged 55 and over.
A new £8 million high specification office development on SA1 has also just been completed and is now on the market.
SA1 is a £400 million development by the Assembly Government and is one of the flagship projects that will be highlighted at the Wales Regeneration Summit tomorrow.
Ieuan Wyn Jones, Minister for the Economy and Transport, said: "This latest news from SA1 shows the level of confidence in high quality developments and reinforces our message that there are real opportunities for investment in Wales.
"These opportunities are of particular relevance for the construction industry in Wales — particularly in the current economic climate."
Trevor Carr, director of estate agents John Francis, said the scheme could be popular.
He said: "There is a market for over-55s and I think especially in a pleasant waterside location.
"There are cafes down there and it is within walking distance of Sainsbury's.
"I would think that as long as they are priced competitively they will sell okay."