Luxury developer&nbsp;Terra Ferma and joint venture partner Knox Group have teamed up on an apartment project in <a href="https://www.urban.com.au/developments/potts-point-nsw">Potts Point</a>.

They're seeking to convert a 20-studio apartment building on Oak Lane, the <a href="https://www.urban.com.au/developments/woolloomooloo-nsw">Woolloomooloo-side of Potts Point</a>, into a five-level building with just five apartments.

The team spent nearly a year amalgamating 20 owners across two rundown buildings.

The boutique nature of the offering, something which Potts Point and the nearby Elizabeth Bay isn't known for, particularly in the new and off the plan apartment space, means apartments are expected to sell for record prices.

<img alt="Potts Point" data-entity-type="file" data-entity-uuid="257fc57a-8bad-4add-bd85-2b9d8f0cc2b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-17%20at%2011.20.15%20am.png?VersionId=oNONryKufnX2crTgVz_mdNk17R3I6tOi" />

The premier site has 22-metres of Sydney Harbour frontage and will offer&nbsp;unparalleled 200-degree views of the <a href="https://www.urban.com.au/developments/sydney-nsw">Sydney Harbour</a>,&nbsp;from the city skyline to <a href="https://www.urban.com.au/developments/cremorne-nsw">Cremorne Point</a>, the iconic Harbour Bridge and Opera House.

“We’re excited to have unlocked one of the finest boutique development sites in Sydney, with a 22-metre harbour-facing frontage, the most expansive frontage of any boutique site on Sydney Harbour,” Knox Group Co-Director Daniel Moroko said.

Terra Ferma Managing Director Diaa Shaker said they are&nbsp;thrilled to add the project to their portfolio of exclusive boutique residences

"With our focus on creating unparalleled living spaces and capturing the essence of Sydney Harbour, each of the five apartments is set to break the Potts Point square meter record."

To bring the project to life, the teams have chosen the renowned TZG Architects, fresh off their recent win in the 2023 Heritage Awards Judge’s Choice for their works on the iconic Bondi Pavilion.

Terra Ferma have worked on a number of boutique developments in the <a href="https://www.urban.com.au/developments/sutherland-shire-nsw">Sutherland Shire</a>, while Knox Group, who have done the same, have recently transformed the Motel Molly in Mollymook.

The team spent nearly a year amalgamating 20 owners across two rundown buildings

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