Millmount Village is a 90-acre site that will provide up to 700 new homes supporting the need for the development of more houses in Greater Belfast and across Northern Ireland.
The project is to employ 100 people over the next 10 years.
Building work at the site, which is located off the Comber Road, has already seen the completion of 80 homes.
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The project follows the announcement earlier this year that Lagan Homes (NI) is developing a £90m, 550 housing scheme in Bangor, Co Down.
Conor Mulligan, Managing Director, Lagan Homes (NI) said: "Millmount represents one of the most significant planned housing developments ever to be built in Northern Ireland. The location, infrastructure, amenities and access to the key hub of Belfast City Centre has already generated huge interest.
"The project is good news for both the growing demand for family homes in Belfast and for the building sector with local tradesmen and operators being employed on the site for the next ten years."
(CD/LM)
