With only eight of 40 apartments left, The Moorings at Mandurah is building on the sales foundations it laid pre-boom.
Strzelecki Group managing director Greg Poland describes The Moorings as pure luxury.
Unlike some developers, Mr Poland has not needed to discount the remaining apartments.
"Prices were set in 2006 before the heights of the boom," Mr Poland said.
"We're entirely comfortable with the price range. I suspect that some of the properties being discounted are now selling for the prices at which they should have been originally listed."
Located in the heart of the Mandurah Ocean Marina, The Moorings has a northerly aspect and absolute water frontage to the marina and Venetian-style canals.
"When we looked at the site, we knew we had the opportunity to do something very special," Mr Poland said.
"It is one of the few north-facing marina locations in Perth and offers absolutely spectacular views."
The Moorings apartments' basement garage looked more like a prestige care lot, with Mercedes-Benz, BMW, Maserati,
Ferrari and Bentley vehicles, Mr Poland said.
The 40 apartments over five levels have had prices ranging from $1.4 million to more than $2.5 million.
All apartments have three bedrooms and two bathroom, and all offer 147sqm to 220sqm of floor space, plus expansive balconies.
The building is at the water's edge on three of its four sides, promprting architect John Silbert to find his inspiration in the classic lines of a luxury ocean cruiser.
Extensive use has been made of floor-to-ceiling glass to take maximum advantage of the views. Each apartment includes two secure car-parking spaces and a big basement storage room, which can also be used as a wine cellar.
The kitchens have granite benchtops, underslung sinks and high-spec appliances, and all bathrooms and ensuites are tiles to ceiling height.
The building features security access and two new-generation Schindler lifts. The brick walls between apartments have been acoustically treated for sound separation.
The Moorings is just a stroll from the Mandurah Ocean Marina's Dolphin Quay
precint and is next to the soon-to-be-completed Ocean Retreat development, also by Strzelecki Group, featuring one and two-bedroom apartments, restaurants, cafes, specialty stores and a supermarket.
According to the developers, one of Perth's best-known businessmend has invested in of The Moorings apartments.
The buyer, who prefers to remain anonymous, has intended buying a city apartment, but believes Mandurah is a better long-term investment - and a more attractive location as a weekend escape.
Among amenities nearby is The Point development, the 4½ star Sebel Mandurah hotel and the popular and stylish M on The Point restaurant and bar. The Mandurah Performing Arts Centre, cinemas, cafes, parks and shops are also a stroll away. The Moorings apartments are open for inspection between noon and 3pm each Saturday and Sunday or by appointment.
Further details are available from Jay Poland at the Strzelecki Group on 0400 773 013 or David Green at WA Projects on 0419 199 104.