According to the BBC, the 172-home development will be built near a caravan park in Peebles.
Aberdeen Asset Management is also understood to want to carry out improvements to the adjoining Rosetta Caravan Park.
Last year, the Edinburgh-based investment company said it was intending to upgrade the tourism destination. It is now understood a full planning application for both the housing and the holiday park has been submitted to the Scottish Borders Council.
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A total of 163 homes are planned for the eastern half of the site and will range from two-bedroom terraced to five-bedroom detached properties. The firm also plans to convert the historic Rosetta House into three apartments with a further six houses being created from the current stable block.
The scheme is believed to be worth around £40m and will include the creation of a new facilities building for the holiday park. It will feature a bar, restaurant and retail outlets, an increase in its top-range cabins and static caravans, as well as an extensive tree and hedge-planting scheme.
(JP/CD)
