Developer Gilbert Lopes is planning to proceed with his third condo development in Hamilton, offering some of the lowest prices in Bermuda for brand new upscale one and two-bedroom units.Mr Lopes’ planned Seven Park Road, which he hopes to begin building this October and complete by 2014, will feature 52 condos on eight floors, a rooftop fitness centre, bar and pool plus underground parking. The development had originally been scheduled for completion at the end of 2013.Most of the units will be one-bedrooms of 580 to 790 square feet, starting at $535,000. There will be only eight two-bedroom units of 990 square feet, starting at $765,000.Also offered are four office/retail condos of 1,900 to 4,000 square feet with street access.As an added feature, Mr Lopes said there will be storage units on every floor, not just in the basement of the building. And the units will boast designer kitchens, powder rooms and ensuite bathrooms with deep soak Zen baths, European lighting, and porcelain floor tiling.Mr Lopes said he is offering a pre-construction special to gauge interest before breaking ground. With prices starting at $535,000, he is offering five percent off or a free parking space for the first 25 units sold.“We are running advertising basically to see how much interest there is out there before starting,” he said.He said interest had been fairly good, but a number of potential buyers had said they were holding off for such reasons as seeing the outcome of the next general election and in the hopes of changes being made to property law concerning home ownership by non-Bermudian spouses.Mr Lopes has estimated the Bermudians-married-to-non-Bermudians group makes up as much as 25 percent of the local market for real estate.Despite the struggling local economy, Mr Lopes said he firmly believed there was a market in Bermuda for one-bedroom units at “the right price”, especially in Hamilton.He said less square footage means he can keep the prices down, given the high costs of building, especially in town.Mr Lopes said currently there were no available units for rent or first-time sale at his Six Park Place and Ten Dundonald condo developments, which still command rents of more than $3,000 for one-bedrooms, and $4,000-plus for two-bedrooms, though that price had since dropped from around $7,000 owners got before the housing market decline, he said.He agreed there was a glut of condos in Bermuda currently, but said not in Hamilton.Mr Lopes said he was due to finish current work at the Grand Atlantic/Bermuda Housing Corporation condo development at the end of August.He said he still plans to return to the South Shore, Warwick site to build a further 52 one-bedroom units starting at $300,000, which he would market himself, and eventually an “affordable” mid-priced hotel. He said he currently only has approval to build 47 two- and three-bedroom units for the final phase.He said building a hotel at the site could happen within 18 months to two years - if he gets approval to build the one-bedroom units.A total of 51 units have been completed at the site so far. The BHC had agreed to purchase the first 78 units built as part of the 125-unit project, and had the option to purchase a final 47, but declined.“I’m taking it to a different level and putting in 52 one-bedroom units so I’m not in direct competition,” Mr Lopes has said.