High-end residential property is as aspirational as ever with the State record for an apartment sale smashed for the second time in one year within the same development.

The $17 million penthouse sale this week on the top floor of the proposed ONE Subiaco project has beaten the sale of a sub-penthouse two levels below which went for $15.9m in March.

It’s been a big year for developer Paul Blackburne to twice break the sales record which was previously set by a South Perth apartment in 2014 for $15.2m.

The top floor penthouse is 1300sqm and the owner will have access to nine car bays. Sweeping views take in the Swan River, Perth CBD and Indian Ocean from the comfort of the six-bedroom apartment.

A gym, staff quarters, rooftop pool and spa, sports bar and $1.4m audio-visual system are all included.

Mr Blackburne said there was still space in the development for another sub-penthouse.

“We expect that to be sold soon after we start construction,” he said. “ONE Subiaco is now 80 per cent sold and the buyers are mostly people who live in the western suburbs wanting larger high-end apartments but at an affordable price.”

Mr Blackburne said construction would start soon, and completion of the project was expected in 2022.

“ONE Subiaco will transform the heart of Subiaco,” he said.

“The ground level will be an exciting mix of cafes, bars and restaurants and markets that will breathe new life back into Subi.

“We can’t wait to see the project finished and our new residents move in”.

ONE Subiaco, at the old pavilion markets site, has been pegged as a project which will rejuvenate the suburb after years of development stagnation.

Mr Blackburne’s company purchased the 5451sqm site at Rokeby Road for $25m.