The housing slowdown isn't stopping developer Gilbert Lopes.

He's planning to build a new block of luxury condominiums in Hamilton that will be a bargain by Bermuda standards.

The 52 one- and two-bedroom units will start at around $575,000 well under the high $600,000s-$1 million most city condos are selling for right now.

Another builder, WhiteCross Development, has broken ground on an upscale 13-apartment complex on Rosemont Avenue next to Ascots restaurant, and is planning to build a five-storey block of 21 condos overlooking Hamilton Harbour on Cavendish Road.

Pending Planning approval, Mr. Lopes' new condos will be built on property he recently acquired in Hamilton on Park Road in the block of buildings owned by H. Davidson & Co. which include Jack 'n' Jill's Toy Store.

"I don't think the economy is going to bounce back in one or even two years but a lot of people are still looking to purchase in Bermuda," Mr. Lopes said. "And anything priced under $650,000 I think you are safe."

Mr. Lopes said his strategy was building smaller units at lower prices in town. "There is still a lot of demand for one bedrooms," he added.

The owner of GL Construction has already built two other condo developments in Hamilton: Six and Ten, both located on Dundonald Street. Those units are nearly all sold.

Mr. Lopes is also involved in a project with Government and private developer Larry Swenson, to build a hotel and affordable condos on the South Shore in Warwick.

He said negotiations for that project are ongoing but an agreement between the parties is expected to be signed within a couple of months.

Meanwhile, Kevin M. Cross of WhiteCross Development, has just submitted plans for 21 harbourview condos on Cavendish Road. He does not expect to build for at least a year, but believes there is growing demand for upscale homes in Hamilton where people can walk to work.

His Cavendish one- two- and three-bedroom condos will have underground parking, a fitness centre and a rooftop pool and an expected starting price tag of $800,000.

Mr. Cross' "extra spacious" one- two- and three-bedroom units on Rosemont Avenue are to rent for $5,000 to $8,000 a month. The complex will also have underground parking and a pool.

"We think we have a product that's very unique," Mr. Cross said. "We are hitting a niche market with executives and expats in international business who want to be able to walk to work and also have enough space for their families to come and stay and visit.

"We see a trend of more executives coming to Bermuda with their families not necessarily moving permanently to the Island with them."

Mr. Cross said there is a definite oversupply of condos especially two-bedrooms in the outer parishes as well as older rental properties however, "there is very little supply of larger executive condos and newer residences in and close to town."