On Thursday, property group Addval Developments turned the first sod on land at the corner of State Circle and Canberra Avenue, where it plans to build 91 luxury apartments.

Dubbed "Estate", the development will include one three-storey and two four-level apartment blocks, a stone's throw from Capital Hill.

The apartments, which have been on sale since September, range in price from $349,000 to $2.86 million.

The ACT government sold the 13,300 square metre site for $20.1 million in March 2017, with Addval Developments beating out four other bidders to secure the prime Forrest site.

Addval Developments general manager Michelle Dzakula said each apartment at Estate would be "fitted out like a penthouse".

"Built on a perpendicular axis from the grand and dignified St Andrew’s church, the geometry of the architecture was created to reflect the characteristics of the area – from the concentric circles to the striking lines of Parliament House itself," Ms Dzakula said.

"Each residence has been built to have a spectacular view – whether it’s the vast open spaces, the beautiful green parks or of Parliament House itself."

Architects Collins Caddaye have designed the complex, which will be delivered by builders Project Coordination.

Construction is scheduled for completion in 2020.

Addval Developments is also behind a housing development in Moncrieff, and are also planning to redevelop land on Goyder Street in Narrabundah.