The Prince, a 161-apartment complex, will be built on one of the last remaining waterfront sites in the foreshore, on the peninsula.

Developers Crafted bought the block of land, across the lake from the bustling foreshore precinct, this year for $10.1 million.

Crafted director Matt James said the company aimed to deliver a classically influenced building with timeless design elements together with contemporary features.

"We're really trying to create a building that pays homage to the beautiful early architecture of Canberra but also with all the things you'd expect in a modern apartment building," he said.

"From our perspective we really wanted to do justice to this site by creating something beautiful given that it's really one of the last ever waterfront sites at Kingston Foreshore."

The Prince will feature a predominantly brick facade with four different colours including "Capital Red", which is modelled on those once made at the Yarralumla Brickworks.

The one, two and three-bedroom apartments will feature oak flooring, granite benchtops, high ceilings, double-glazed windows and brass feature lights.

One-bedroom apartments will start at $349,900 and there are 50 priced under $400,000.

Unlike other mixed-use developments in the now bustling Kingston Foreshore area, the complex will not have commercial or retail tenancies on the ground floor.

Instead the four residential buildings will surround a central private garden area for residents that will feature deciduous trees and other plants synonymous with Canberra.

Mr James said the idea for the central garden precinct had come from overseas areas such as London's Notting Hill – beautiful homes surrounding a private park.

The Prince has been designed by internationally renowned architects Architectus and multi-award winning Melbourne interior design practice Hecker Guthrie.

There has already been strong interest in the project, which will be released on the market on October 13.

Construction is expected to begin mid-2015 with completion anticipated for late 2016.

Five blocks of land at the newest development site at the Kingston Foreshore, the peninsula, have been auctioned this year by the Land Development Agency.

Three of the blocks, including the 4800-square-metre site for The Prince, sold for a combined $22.2 million.

The other two blocks sold for $14.3 million in June.

It was the last land to be released at the Kingston Foreshore for several years.

Further land release at the site will require the decommissioning and removal of the Causeway switching station.