Listed housebuilder Glenveagh Properties has purchased two development sites that will potentially deliver 395 residential units.

According to the Irish Independent, the two sites are Citywest Road, Dublin 24 and in Hollystown Dublin 15.

The Citywest Road site is situated close to the Fortunestown Luas stop and to Citywest Shopping Centre, and Glenveagh will build 195 units there.

Meanwhile the 162-acre Hollystown site is occupied by Hollystown Golf Club, who will continue on at the site, with 19 acres on the site zoned for residential development and the remainder zoned as open space.

The housebuilder estimates that it will deliver 200 family homes on the Hollystown residential development land between 2019 and 2023.

Glenveagh founder and CEO Justin Bickle said the company had increased its land bank to more than 5,000 units, at an average cost of €61K per unit.

In October the company listed on the Irish Stock Exchange, raising €550M in an initial public offering to fund land acquisitions and housebuilding.

The latest purchase means that the company has now spent more than €178M of the proceeds of the IPO.