Dunloe Ewart's link-up with MEPC and John Laing to build a £400 million (€508 million) retail, residential and leisure development in downtown Belfast has the capacity to generate serious profits for the Irish group. But so far, those potential profits have yet to be reflected in the Dunloe share price which has been stuck around 38-40 cents for some time.

Surprising that, given the almost universal opinion in the market that the 750,000-square-foot complex has a good chance of success not least because, as Merrill Lynch weekly property report puts it, "Dunloe Ewart is well-connected in Irish circles".

But Merrill Lynch is expecting further action in the burgeoning Belfast market with a Land Securities/ Deramore joint venture and Dutch property group MDC also having submitted major development plans with the Belfast Regeneration Office. Merrill Lynch, in particular, believes Land Securities will respond aggressively.