CEO Louise Watters said the not-for-profit company would have a development application (DA) ready "in the first half of 2012" and would work "as fast as we can" to have the buildings completed.

With a waiting list of 750 people, of which about 85 per cent are Port Stephens based, and between two to five inquiries a week, Ms Watters said the demand for aged care accommodation was "quite critical".

"The Tomaree Peninsula is the third oldest community in New South Wales," she said.

Already management has had discussions with architects and Ms Watters said the plans were to be reviewed on Tuesday with a board decision hopefully in March.

If the application is approved the 33 single-storey villas would be built on vacant land next to the company's existing Fingal Haven site.

The news comes despite a rocky six months for the organisation's other DA at Diemars Road, Salamander Bay which is awaiting the council to appoint an independent consultant to conduct an ecological significance report.

But Ms Watters said she did not envisage the same problems for Fingal Bay as the land was already vacant and cleared. Also on the agenda for 2012 is the refurbishment of the Harbourside Nursing Home at Salamander Bay to include more single, double and ensuite rooms.

"It was built in the 1980s and there is a lot of wasted space," she said.

The exact cost of all the work to be completed this year is not yet known but Ms Watters said a strict financial management plan would be put in place as the company received no government funding.