Builders from GJ Gardner Homes began construction about six weeks ago and the framework for five houses has since been put up on the western side of Onslow Rd.
With several Queenstown families waiting to move in, trust executive officer Julie Scott said the dwellings would be completed early next year, if not by Christmas.
Each insulated two-storey house will cost about $455,000 and have three bedrooms, two bathrooms, a double garage and its own freehold title.
"They're purchasing the houses under the shared ownership programme," Ms Scott said. "The trust will be purchasing anywhere from 15% to 40% of the property to enable the families to buy their home."
Ms Scott said the trust had consent to build 33 residential units on the eastern side of Onslow Rd, "but we'll likely build 20 because of market demand and we don't want high-density developments".
The trust owns 1.43ha over four titles at Lake Hayes Estate.
About 2000sq m of land further along Onslow Rd is earmarked for a child care centre catering for up to 70 children. The trust is working with an undisclosed private party in Queenstown on the project.
A corner dairy, cafe/bar and bus stop are planned on the vacant, trust-owned site on the Onslow Rd and Hope Ave corner of Nerin Sq, following feedback from estate residents.
"We hope to be under way building stage two early next year and the first stage of the commercial part hopefully by the end of 2010," Ms Scott said.
The trust has received 280 expressions of interest for the programme since it was launched 18 months ago and has helped 30 families to purchase their own homes.
The trust is applying to the Government's Housing Innovation Fund for another $4 million to continue the shared ownership programme.
