More than 50 two-bedroom and three-bedroom apartments costing $450,000 and $525,000 are to be built and sold to Bermudian first-time home-owners.

If there are no delays in getting the Government-backed scheme approved, families could be moving into the affordable housing condos by early 2008.

Housing Minister David Burch yesterday unveiled the plan for a small neighbourhood of 54 condominium-style homes to be built next to the New Testament Church of God at Southside in St. David?s.

A two-and-a-half acre plot of land has been sold by the Bermuda Land Development Company for $3.8 million in a deal with a construction company, which has agreed to build the new homes.

?This project represents genuine economic empowerment. Those young professionals who struggle to understand how their collective household income of $150,000 still cannot afford them a home need look no further,? said Senator Burch.

?Making homes available to first-time home buyers, at prices that are simply unavailable in the ordinary marketplace, represents the ?hand-up? that honest, hard-working young Bermudians need and expect.?

The scheme is seen as a continuation of the Loughlands project and, as such, the Southside homes will be offered first to unsuccessful qualified applicants who missed out on securing a home at Loughlands.

An agreement was reached between Trinity Construction Limited and the BLDC for the sale of the land on the understanding that affordable housing condos will be built. There will be a mixture of two- and three-storey buildings consisting of 18 three-bedroom apartments and 36 two-bedroom apartments.

Explaining why Government had decided to sell the land to a developer rather than develop it itself, Sen. Burch said the money generated would help with the Harbour View affordable housing development at Southside, would allow for ?the faster delivery of housing to Bermudians in need? and would bring some relief to the rental market by restricting the sale to Bermudians who were presently forced to rent because of high house prices.

Sen. Burch said there will be some restrictions on the future selling of the properties to ensure they remain an affordable housing asset for the Island in the short-term.

To speed up the process of the development the project will not be subject to the usual Planning process but will be made under a Special Development Order through an agreement with Environment Minister Neletha Butterfield. It is also proposed that building materials used be given tax-free exemption to help keep the cost of construction down.

?This is another demonstration of Government?s real commitment to the issue of housing and our willingness to engage all sectors of the community in delivering on that promise,? said Sen. Burch.