Thousand homes to be built in £180m plan by Murray

Published on Thursday 10 June 2010 20:16

SIR David Murray is planning to invest £180 million building 1,000 homes in Fife.

• Sir David Murray plans to build in Kirkaldy at Kingdom Park. Picture: Ian Rutherford

The 131 acre project at Kingdom Park, Kirkcaldy, has brought a note of optimism to the depressed housing and construction market.

Murray Estates, a subsidiary of Murray International Holdings, has submitted a planning application for the development, which will include a neighbourhood centre, shops, a primary school and a railway station.

News of the development comes as Inverness builders Tulloch Homes reported an 11m loss in 2009 but said turnover had increased and there were "signs of recovery".

David Murray, chairman of Murray International Holdings, said: "As a group we have invested in Fife over a number of years and remain committed to further investment in the area.

"Our involvement at Kingdom Park for over ten years and our position as a major employer with our other businesses in the area is testament to this strategy. We are delighted to have made this application and look forward to making progress with the development."

Jestyn Davies, managing director of Murray Estates, said: "Having consulted with the local community, I believe that the Kingdom Park application, whilst creating employment opportunities, will also deliver a wide range of residential, retail, community and education facilities that will benefit and provide an opportunity for existing and new communities."

The Tulloch Homes Group, which builds both private and public-sector housing, reported a loss of 11m but said it had increased its turnover by 50 per cent from 42m in 2008 to 62m in 2009.

Chief executive David Sutherland said: "There are signs of recovery within our sector but market conditions continue to be challenging. Critical to the whole sector is the availability of mortgages for our customers and a return to normality in terms of the valuation process which is, to say the least, distorted at present."