Construction of the development, which consists of three to five-bedroom houses, began in October last year.

The development has been prompted by a demand for modern property in the historic fishing town, renowned for its traditional housing.

Claymore Homes has also agreed to donate a piece of land to the local church as part of the build, helping the community hub extend its premises and provide additional parking for its congregation.

Following the project’s conclusion, the £20 million turnover business plans to increase the number of developments it completes in the North East each year from five to seven.

Bringing 200 new homes to Cruden Bay is next on the company’s agenda. It is also advancing with plans for a 24-plot development at St Combs.

The first homeowners will move into the Cairnbulg development in June 2019.

John Smith, managing director at Claymore Homes, said: “The modern homes have injected new life into the local property market. With 90% of the units already sold in the first phase, demand for the development has greatly exceeded our expectations.

“Some of the offers we’ve accepted even come from former local residents, suggesting the properties are drawing people back to the area. Small coastal developments are extremely difficult to develop from a commercial point of view but can be done with the correct support.

“Bank of Scotland has been by our side for almost a decade, supporting our ambitions to further develop property across the North East. With its ongoing financial help, we aim to continue providing houses to those looking for a modern alternative to what’s currently on the market.”

Gordon Mathieson, relationship director at Bank of Scotland, added: “Aberdeenshire’s property sales increased 6.7% in 2018. This climb was in part due to rising demand for modern housing, especially across Scotland’s coastline, and increased buyer confidence across the North East. It’s great to see Claymore Homes capitalise on these market trends and effectively reinforce them by creating an attractive development.

“Quality homes can enhance the local economy and bolster community life. As a result, supporting the transformation of local areas, like Cairnbulg, through development projects is one of the many ways we’re helping Scotland prosper.

“The financial support given to Claymore Homes stems from our £1.6 billion lending commitment to support Scottish SMEs, which will see us tailor our approach to help firms across all different industries succeed.”