A luxury beachfront penthouse in Bondi, a Sydney suburb, has sold for $21 million (USD18.24 million), making it the most expensive apartment ever sold in Australia.

The five-bedroom luxury residence is part of the Pacific Bondi Beach The Lofts development by Eduard Litver of the Capit.el Group and Allen Linz of Rebel Property Group.

The 94-unit project is still under construction and set to be completed in mid-to-late 2015.

According to Business Insider Australia, the two-storey unit, with more than 40 metres of Bondi Beach frontage, was acquired by an affiliate of Multiplex’s former chief executive Andrew Roberts.

The purchase price slightly edged out the Australian sales record set by the AUD21 million 975-sqm Lighthouse penthouse bought by Will Vicars in November 2013.

The new owner is planning to make The Lofts penthouse a world-class apartment, to be designed by Burley Katon Halliday.

“It has an infinity pool, a reflection pond, its own maid’s quarters with separate access, an internal lift, steam room, butler’s pantry, cinema, library and there will be three living areas,” he said. “It is going to be a customised apartment.”

Formerly the site of the Swiss Grand Hotel, the whole complex featuring The Lofts and 19 Lighthouse penthouses will also include a 69-room boutique hotel to be operated by QT Hotels and Resorts, and a health club plus fashion stores, and dining outlets and a supermarket.

The Lofts project has gotten a strong buzz from Asian buyers, especially when it launched in November last year, with half of the enquiries coming from investors of Asian origin.

The loft-style apartments, ranging in size from 45 sqm to 161 sqm, comprising one- to three-bedroom units, are being sold for AUD700,000 ($600,000 USD) to AUD3.5 million ($3 million).

Sources: Business Insider Australia- Property Report