The Sapphire development would see 79 apartments of two-, three- and four-bedroom along with six penthouses along Honeysett View with prices starting from $839,900.

Developers Keggins lodged the development application in November 2017, which was approved this week.

Keggins bought the waterfront block at the foreshore's peninsula precinct at an auction in June 2016. It paid $21.65 million for the 3697 square-metre site, the most expensive sale of land in the lakeside region.

Project director Arthur Petsas said the development would deliver a "high quality residential

offering and provide a large amount of public open space for the community to enjoy."

"Visually, the façade will be unique and impactful while blending into Kingston Foreshore’s
environment and aesthetic,” Mr Petsas said.

“The development will further elevate the residential offering in the Kingston and Canberra market and increase the destination and reputation of the area."

He said a development like Sapphire hadn't been seen in Canberra before.

“It is exciting to be involved in a project that is quite unique and with a project team of reputable local suppliers we’ll produce a product not only owners, but the community will be proud of.”

He said the building was within the height restrictions for the area, with four storeys and additional elements.

There are plans for private rooftop terraces, balconies, a central communal plaza at ground level, two levels of basement car parking and ground floor courtyards.

There will be parking for 216 cars,146 of which are for residents.

He said the group had teamed up with local construction company BLOC and other local suppliers and businesses for the project.

Sales for the apartments will start next month.