By ANNA USHER

Billionaire AirTrunk founder Robin Khuda has swooped on an apartment site overlooking Balmoral Beach and is planning a luxury development with elevated views over Sydney Harbour.

Khuda’s development company Ondas has splashed around $32m on 17 Moruben Rd, Mosman – a 1960s block of 12 flats on 805sqm.

Each of the one and two-bedroom units was individually owned – as we reported exclusively in May.

The R3 site boasts a 22m height allowance (up to six stories) under the new Low to Mid-Rise Housing Reforms (LMR), presenting “a unique opportunity for an iconic luxury apartment development scheme,” as previously reported by Mosman Collective.

In an interview with the Australian Financial Review, Khuda said the corner site is one of the best in Mosman.

“With an elevated position on Balmoral Slopes, this site is truly special and is a great compliment to the Ondas portfolio,” Khuda said.

That portfolio includes a recently completed project on Manly’s North Steyne, where the penthouse sold for $18 million, and a DA-approved complex at Palm Beach.

Ondas also has another project underway in Melbourne’s St Kilda, which comprises 16 apartments above retail space on an amalgamated site which is expected to launch later this year.

The entrepreneur is no stranger to Mosman and is currently building on a Balmoral Ave amalgamated “mega site”.

The Moruben Rd apartment block was sold via Chris Veitch of Stanton Hillier Parker and John Millane of Cousins and Co., but they declined to comment.

Khuda’s development company said the project, to be known as Ondas Mosman, would embody the exclusivity and vision of luxury living it stood for. The apartments would feature the most iconic elevation on Balmoral’s slopes, with views of Sydney Head, North Harbour, and the CBD skyline.