Cairn Homes plc has officially launched its first development at Parkside, Malahide Road, Dublin 13. The recently listed company has built 25 three and four bedroom family homes on offer, priced between €299,000 and €385,000.

Ranging in size from 110-150sq.m (1,189sq.ft to 1,615sq.ft), the company said the houses incorporate the latest construction technology to ensure an A3 BER rating.

Cairn Homes CEO Michael Stanley said: “As rent continues to increase across Dublin, there is strong demand for affordable family homes, and we look forward to addressing that need with a superior product on well-located sites in Dublin and throughout the country.”

The formal Parkside launch comes four months after Cairn raised in excess of €440m in its flotation on the London Stock Exchange in June 2015.

The c. 50 acre Parkside site has zoning potential for a total of 433 homes and Cairn expects to complete the first 200 homes before the end of 2016.

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Cairn currently has nine sites at various stages of development, planning and construction, with further launches planned for 2016.

In a recent note, analyst Conall Mac Coille of Davy said that Cairn Homes represents an opportunity for investors to gain pure-play exposure to the Irish housing market.

He explained: “Cairn Homes now has the opportunity to become one of the biggest players, if not the biggest, in Irish housebuilding in the coming years. With a significant amount of land likely to be brought to the market in the next 24 months, a strong balance sheet will be needed to take advantage of the opportunity that is being presented in Ireland over the short to medium term.

“While the landbank is likely to be established over the next 18-24 months, achieving a significant annual run-rate of volumes (c.1,000) will take place over a longer period. We estimate that Cairn Homes can achieve this in 2019 and that gross margins of c.20% will be achievable in the medium term.

“With fewer incremental land-buying requirements post-2017, the company should become significantly free cash flow positive in 2019. Cairn Homes will need some debt to achieve the required level of land supply (c.7,000 plots), but we assume that net debt peaks at c.€70m in 2017. We see the current fair value of the stock at 129c.”

The share is currently priced on LSE at 108c.