Developers are about to break ground on a condominium project in Hamilton Parish that will offer new homes for less than $400,000.

Gilbert Darrell’s GSpace is the company behind the Haus development on Seon Drive, off North Shore Road, close to Shelly Bay.

Six units on the half-acre site are priced at $395,000 each and are designed in a contemporary, townhouse style to optimise use of space and natural light, complete with glass-fronted balconies.

Mr Darrell said the project had been ten years in the making and was at last about to come to fruition. He added that a second development was in the pipeline, to build two larger units in a similar style in the East End.

The competitive prices for the new units were partly down to a design which lent itself to simple, efficient construction, he said.

“The idea was to make them as simple as possible to make the living experience more pleasant,” Mr Darrell said.

“For young people aged 25 or 30, this gives them a realistic opportunity to buy a new home as first-time buyers. It’s a huge opportunity to buy real estate at that age and to get on the property ladder.”

The largest two units have 765 square feet of living space, while the other four have 725 square feet. The option is also available to join two units together to make a larger home.

The developers have been BE Solar to make the units “solar energy ready”, wired to ease the implementation of a photovoltaic energy system should the owners want to install one. Another alternative energy feature is that the parking lot will be fitted with electric vehicle charging facilities.

The units are expected to attract interest from young professionals, seniors downsizing their living space and property investors.

The development has been listed with Fiona Hatfield of Coldwell Banker Bermuda Realty, who said the properties had great potential as online vacation rental units.

“The way I like to explain it to people is that if you buy one as a vacation rental unit, you are effectively buying a business,” Ms Hatfield said.

Based on a 20 per cent down payment, amounting to to $79,000, and a 30-year mortgage with a rate of 6.5 per cent, she said the monthly mortgage repayment would amount to $1,997.

This, she argued, would compare favourably with the cost of renting a similar property and offered opportunities to make money using it as a vacation rental, an opportunity that has grown in recent years with through websites such as Airbnb.

Sub-letting is not allowed under the rules of many condominium associations in Bermuda, but it will be for the freehold units at Haus, she added.

The layout of the two-storey units features an open-plan kitchen and living room downstairs, together with a half bathroom and storage under the stairs.

Upstairs is the bedroom and a full bathroom, as well as an enclosed washer-dryer and a walk-in closet. Mr Darrell said the units also have effective soundproofing.

The units are fitted with LED lighting and stainless steel appliances, as well as a split air conditioning system. There is wood-look tile flooring throughout and quartz countertops.

• For more information, call Fiona Hatfield at Coldwell Banker Bermuda Realty on 534-9932 or by e-mail at FHatfield@brcl.bm, or visit the website, www.gspacelimited.com