Deputy chairman Barry Robertson said the price would depend on building costs, as well as which ownership structure the properties were put into and the eligibility of the applicant.
Mr Robertson said the trust was looking at options, including leaseholds or a capped housing programme.
A feasibility study on the six stages of development and the configuration of the homes was to be completed and trustees may consider a joint venture with a builder or developer to complete the project.
Applicants will be consulted about the different types of houses they require.
The trust could place some of the houses in the Lake Hayes Estate development into its shared ownership programme, or it may sell some outright, Mr Robertson said.
"We'd like to start building in the last quarter of this year and other stages, depending on demand.
"At the moment, we're limited to a shared ownership structure with the Government and we're looking at different ownership options so it will always be affordable for first-time buyers.
"Another reason for the purchase is to show that the quality of these homes is the same, if not better, than the surrounding properties."
Mr Robertson said the amount the housing trust paid for the site from Lake Hayes Estate Ltd was confidential, though it would become public information "in due course".
The trust had about $4 million in funds - half from the Government and half from affordable home contributions from developers.
Last weekend, the housing trust announced it had bought 1.3ha of land and had resource consent for a mixed-use development of 33 residences, seven residential or commercial units and two commercial buildings in six stages.
The consent also provided for 24 separate titles.
Each residence was proposed to feature two or three bedrooms, as well as garages and off-street parking.
The site near Nerin Square, in the Lake Hayes Estate, is bounded by reserves and parklands on two sides.
Mr Robertson said QCHT was reviewing 25 applicants and had housed five applicants at Arthurs Point, the Lake Hayes Estate, Luggate, Wanaka and Lake Hawea.
The existing houses ranged between $300,000 and $550,000.
Architect Allan Huntington, of Southern Architecture, designed the complex for Lakes Hayes Estate Ltd.
He said he was delighted with the way the concept would suit the location.
"While some residences will share a common external wall, the different setbacks and use of space and stone [and] featured exteriors will give the development a unique sense of style and place."
