Lagan Homes said the Helens Wood project would create around 100 jobs on Rathgael Road.
The developer is believed to have invested over £1.2m on road infrastructure in the north Down town.
Set on a 17-acre site surrounded by woodland and overlooking a 3.5 acre lake, the houses are expected to come with asking prices between £147,500 and £200,000.
The development is a part of a £90m project approved in 2016 for 550 new homes in the area. Lagan Homes has completed 100 of 180 homes due to be built at Lynn Hall Park, also on the Rathgael Road.
The first batch of houses on the Helens Wood site is expected to be released for sale online on August 20, and estimated to be completed by the end of October this year.
Conor Mulligan, managing director of Lagan Homes, said: "The commencement of the Helens Wood development begins a new chapter for Lagan Homes in Northern Ireland.
"Not only will this site bring much-needed quality new homes and employment to the Bangor area, but also the delivery of the much-needed and long-awaited upgrade to the Rathgael Road itself.
"The investment in the off-site infrastructure is in excess of £1.2m, which is a considerable developer contribution to the wider Bangor area."
The Lagan family business was formed in the 1960s, but it was broken up several years ago, with brothers Michael and Kevin going their separate ways.
Four businesses in the Lagan Construction Group went into administration earlier this year, but Kevin Lagan's company, the Lagan Group, was acquired by the Breedon Group for £455m, with the exception of Lagan Homes.
David Menary, of Colliers New Homes, said: "The pre-construction roads and infrastructure investment from Lagan Homes proves there is a rejuvenation within the construction sector.
"The Helens Wood development offers over 350 quality houses situated in a way overlooking the lake that makes it hard to believe it is in the heart of Bangor and so close to local shops and within commuting distance to Belfast City."
He added demand for new homes in the north Down area was extremely high.