The value of work-in-progress projects at a construction company owned by property developer Bernard McNamara jumped by 35 per cent to €389.4 million, according to company accounts just filed.

Assets at Radora Developments rose from €290 million to €453.9 million during the eight months to the end of November 30th, 2006. However, the amount of money owing to creditors also rose, from €198 million to €364.2 million, during the financial period, the accounts show.

Radora Developments is the company behind one of Mr McNamara's biggest construction projects in Dublin - the Elm Park office and residential development on the Merrion Road in Dublin 4.

The company is developing apartments, more than 300,000 square feet of commercial space, a hotel and a conference and leisure centre on the site.

Radora is one of the few companies in Mr McNamara's property and building group that files accounts. His main building firm, Michael McNamara & Company, is an unlimited company and does not reveal figures.

During the eight-month period, Michael McNamara & Company charged Radora €76.4 million in construction costs, up from €64.3 million for the year to March 31st, 2006.

At the end of the year, Mr McNamara's building company was owed €12.5 million. The accounts for Radora state that Mr McNamara's building company is the principal contractor on the Merrion Road development and the transactions with Radora were "in the normal course of business".

Radora's major shareholder is another Bernard McNamara-controlled company, Raycastle. Radora owed its banks €303.1 million at the end of the eight-month accounting period, up from €198 million the previous year.

The loans were secured partly on a shareholder guarantee of up to €62 million through life policies.

During the eight-month period, Radora repaid €3.5 million owing to Mr McNamara, but still owed him €4.1 million.