Bondi beach in Sydney will soon become the location for Australia's most expensive apartment.
After merging two penthouses, the unit has been put on the market and is close to being sold for more than $21 million.
The apartment has been created as part of a redevelopment of the old Swiss Grand Hotel. It covers 507 square metres of living space and has 468 square metres of terrace that faces Bondi beach.
Will Vicars, a director at Caledonia Investments, is thought to be buying the apartment after he saw plans for the penthouses in September. Currently, he lives with his wife and children in Point Piper.
The sale again shows the rising popularity of Sydney's prestige property market, which has been selling well in the area's weekend auctions.
Yet the apartment could be overtaken as another merged penthouse, from the same developers, is being listed for between $25 million and $29 million. This makes it the highest priced apartment in Australia.
Posted by Ravin Chatlani