NAMA will partner with Cairn Homes to build 71 new homes in Malahide, North Dublin.
The development is due to be completed this year and will have an estimated gross sales value of €25m - €18.1m of this income has already been secured through pre-sales.
Parkside
The State agency has a minority interest in the project, which is located off of the Malahide Road - 10 minutes from Malahide village.
Construction will commence immediately on the site which adjoins Cairn Home's Parkside development.
Michael Stanley, CEO of Cairn Homes plc said: "We are pleased to announce this joint venture with NAMA which is in line with our strategy of building quality new homes on attractive sites in the Greater Dublin Area.
"This alternative operating model is a new departure for the company which we hope will offer us further opportunities in the future. The strong level of pre-sales we have seen demonstrates the pent up market demand for well-built, new homes in good locations."
The Irish residential development company is listed on London's stock exchange.
The firm is now bringing more than 500 new homes to the coastal suburb.
It is currently active on seven sites which will deliver 2,700 residential units on completion.
This news comes as residential property supply in the capital lingers at record lows.
