Work is nearing completion on a development of 24 new eco-friendly homes in Carmarthenshire following a £3.27 million loan from the Development Bank of Wales.
New Generation Developments Ltd has already agreed sales off-plan at the second phase of Park View Drive, in Kidwelly. Work on the site, which comprises 24 three-bedroom bungalows, began in 2021, with New Generation Developments Ltd financing the development of the second phase of the project with the seven-figure loan from the Development Bank, along with support from the Development Bank’s Green Development Incentive.
Park View Drive overlooks the nearby Gwendraeth Fawr and across Carmarthen Bay. Each of the bungalows has its own air-source heat pump and will achieve an EPC-A rating. Four of the homes in the second phase of the site have already been reserved, with further interest from other speculative buyers.
Neil Dodd, Director at New Generation Developments, said:
“Properties like ours are in demand as older owners look to downsize, and we’ve had interest in the homes from potential buyers from across the UK. I’m very pleased that we’ve been able to sell our first four bungalows off-plan.
“The support we had from the Development Bank of Wales helped us to progress the development with confidence and their backing was invaluable.”
Rob Good and Brad Thatcher, Property Development Executives at the Development Bank of Wales, said:
“New Generation Developments are building homes which are increasingly popular with retiring homeowners, providing much-needed smaller homes in a growing community in a beautiful part of Wales.
“We’re glad that our loan was able to support them with financing and progressing the project, and it’s excellent that people have already started to make their new home here.”
The Development Bank provides short-term residential, mixed-use, and commercial property development finance from £150,000 to £10 million from a range of funds including the Wales Commercial Property Fund, Wales Residential Property Fund and Green Development Incentive.
As a public finance institution owned by the Welsh Government, the Development Bank of Wales provides loans and equity for Welsh businesses, people and communities in support of the Government’s wider policy objectives including the transition to a low-carbon economy and the development of new homes and commercial property. £959 million has been invested in SME businesses and property developers by the Development Bank since its launch in 2017.
The Development Bank now has £2 billion in funds under management and a portfolio of more than 3,600 small business customers. Debt and equity funding totalling £152 million helped 502 businesses to create and safeguard 6,185 jobs across Wales during 2024/25. This included £48 million for 23 property businesses working on 24 new developments with 390 new homes delivered, 125 of which were affordable. Private sector co-investment totalled £14 million.
Visit developmentbank.wales for further information.
