Would-be buyers are already queuing up to get their names on the list for Bermuda's most affordable family homes.

The 54 three-bedroom homes at Southside are aimed at young Bermudians and leaseholds will cost in the region of $200,000 to $350,000.

Already 100 residents have signalled their interest in the estate at the former US Naval Air Station and the Bermuda Land Development Company has stated that first-time buyers will get first choice of the homes.

Officials at BLDC unveiled the different types of homes yesterday to Development and Opportunity Minister Jerome Dill, representing the Government, which owns the site.

Chief executive Carl Musson said talks are ongoing with financial institutions to reduce down payments to would-be buyers, in order to make the homes more accessible.

He said : "We realise there is a limited resource in these houses and there is an opportunity to promote home ownership for as many families as possible.'' Preference would be given to first-time buyers and thereafter it would be first-come-first-served, with all buying a 125-year lease.

Mr. Musson said he didn't believe the close proximity to the Airport would be a deterrent.

"I am quite sure if people can get something affordable, they will go anywhere,'' he said.

Mr. Dill said: "I am excited that the BLDC is doing what it can to contribute to the solution of the housing problem in Bermuda.

"It will free up houses at the lower end of the market because people will want to step up into these houses.

"In addition the plan to reduce the minimum down payment for the cottages represents a potential breakthrough for many families who would otherwise not be able to buy a home.'' Three different types of home will be renovated during the first phase, with a model home available for inspection by early October.

Work will start on the first ten in early September and subsequent homes will be phased in depending on market demand. Up to $120,000 is being spent on each lot.

It will take up to two years to complete the project and the first homes should be available by early next year.