The project was originally granted permission in 2006 when local contractor, John Cahillane, had proposed the construction of 86 semidetached, 19 terraced and six detached homes at Rathmore.
Mr Cahillane was also granted planning for a crèche facility with upstairs apartment, a pumping station with rising main and petrol interceptor and a separate detached dwelling.
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The applicant blamed the banks for putting the project on hold. He said that the banks withdrew his funding citing that construction should be postponed until a more "favourable economic climate existed".
He also blamed the "inability of prospective purchasers to secure mortgage finance for home purchase".
Work on the development did not go ahead and while planning expired on July 20, Mr Cahillane applied for a planning extension before the expiry date, proposing that work would begin in 2013.
Now five years after the original planning was submitted and excepted it has been renewed with hope that work will start on the site in 2013.
(LB)
