A newly formed housing association has announced plans to create 2,500 social and affordable homes in Northern Ireland over the next five years in a major investment programme valued at £340 million.

Choice Housing Association, which has been established following the merger of Trinity, Oaklee and Ulidia Housing Associations, currently has more than 10,000 homes on its books and a property portfolio valued at more than £700 million.

The new housing association, which was formally launched in Belfast today, wants to expand the number of homes it can offer to people in the North, and said its investment plans could potentially create 700 construction jobs over the next five years and a further 500 jobs in associated industries.

Choice Housing, which will have an estimated annual turnover of £40 million, intends to employ new sources of finance to support its £340 million investment programme and hopes to raise around £185 million from a variety of backers including institutional investors.

Timothy Quin, chairman of Choice, said over the next five years thousands of people will directly benefit from the new homes and job opportunities it plans to create.

“As a social enterprise we want to continue to evolve, to maximise on regeneration opportunities while performing better for the communities we serve with more than just housing.

“That means directing our resources and commercial ambition towards the acute immediate challenges and to setting new standards of excellence within the sector,” Mr Quin said.