Property company Ballymore, which is led by Irish developer Sean Mulryan, is expected to make a profit of between €300m and €350m from a new UK development called London City Island.
The company has confirmed that the proceeds will be used to pay off a significant amount of its outstanding debts to NAMA
The company has has released the development of 1,700 homes close to Canary Wharf in London. The gross development value of the site will be €850m.
The company is selling apartments at prices between €350,000 for one bedroomed units and £870,000 for three bedroomed units.
The company owed as much as €1.5 billion to the agency and was one of NAMA's biggest debtors.
The location of the new development is close to the London's Royal Albert Dock where Chinese developer APP China has signed a €1.2 billion deal to fund the area's redevelopment.
"London City Island is one of the most important regeneration projects in London and we are very proud to be launching this weekend in Hong Kong," commented Sean Mulryan.
The company will be selling properties off the plans in Hong Kong and using the funds as seed capital for construction work.
