Premier Alex Scott has not ruled out exemptions for foreign ownership of future apartment blocks built in the city of Hamilton.

Speaking to , Mr. Scott said that following the success of the Atlantis building and the interest from the international business community in the luxury apartments, Government could look again at granting ownership exemptions for foreign companies to help with Bermuda's housing crisis.

When asked if rules could be changed for future development, Mr. Scott said: "Without stepping on the housing minister's toes, it warrants at least to be looked at and how it could fit into the housing plan for the future."

Mr. Scott said that housing was a very important issue for this Government which was trying to make sure that all residents could be housed properly and find solutions to housing the Island's 62,000 residents in just 22 square miles.

"This is certainly an impressive solution to housing and is in the city," said Mr. Scott, after touring the building.

Sir John Swan, the man behind the 60-apartment development which was officially opened on Monday, had originally applied for an exemption which would mean international companies could buy the apartments for their executives and staff.

But his application was turned down, and international companies and their executives, who were the main target market for the apartments, are not allowed to buy them.

Sir John has touted his apartment block as an example of a solution to the Island's housing crises, with foreign executives living and working in town.

This would not only leave houses around the Island free but would also breath life into Hamilton at night and ease congestion on the roads.

"I think for this kind of reason the City of Hamilton should see more of this kind of development," said Sir John. And he said that if people thought hard enough about a problem such as housing, a solution could be found.

During the opening many international company executive expressed interest in the project, but expressed regret that they could not buy into the apartments, which started at between $600,000 and $800,000 a peice.

But despite Mr. Scott's words, Sir John said he did not yet have plans to build a second city centre apartment block ? and would not consider it until his Parliament Street apartments had been sold.

"This is certainly a variation on the theme of housing," said Mr. Scott. "It could release property in other parts of the Island."

The plush complex, which is the first residential development in Hamilton in the last century, includes a heated swimming pool, on-site deli, gymnasium and communal rooftop sun deck.

There are 28 one-bedroom apartments with price tags starting at between $605,000 and $805,000 and 32 two-bedroom apartments for sale with prices starting at between $775,000 and $795,000.

Apart from the gym and indoor heated pool, all apartments have private balconies, with the ground floor with patios, wood flooring, air conditioning, cable, phones, central garbage disposal, high speed Internet wiring and high-tech intercoms which allows the resident to see who is at the door on their televisions set.

So far only deposits have been placed on the units, but interest has been high, according to to Coldwell Banker, who are the sole agents selling the property.