Regeneration company Urban Splash says it is committed to delivering major regeneration schemes in Swansea, despite wider market concerns.
The Manchester-headquartered firm recently announced that it is limiting the number of construction projects it takes on because of "unprecedented levels of uncertainty and the prospect of a lasting economic downturn".
It comes amid growing concerns that major projects and developments across the UK could be under question because of rising borrowing costs against spiralling energy bills and construction costs.
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However, Urban Splash confirmed that it will continue focusing on specific large projects going forward, including the planned developments worth £750m for Swansea where it has entered a 20-year agreement with the council.
The firm's regeneration plans for the city include redeveloping Swansea Central North, the riverfront site in St Thomas, and turning the 23-acre Civic Centre site into a new city seafront district.
A spokesperson said: “Our latest annual results showed a very solid performance in a difficult year – as well as our intentions to focus on specific large projects moving forward. Among them is Swansea, a development which was cited as a priority in our accounts statement, and one we are looking forward to delivering.
“As with past Urban Splash projects, our role here will be placemaking and development, and we aim to work with local contractors in South Wales who can help us deliver the scheme. We will also continue our successful track record of collaboration, drawing on the expertise of great partners such as Milligan, our collaborators on Swansea Central North – all in close collaboration with Swansea City Council."
They added: "We are committed to Swansea and look forward to evolving our plans across the city.”
Swansea Council, which was also approached for comment, reaffirmed Urban Splash's commitment to the developments.
Asked whether wider market challenges would affect future developments, the council said: "Costs are regularly evaluated as part of all regeneration schemes."
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