Developer Mirvac has confirmed the sale of the luxury unit, off the plan, to a Newcastle businessman, who did not wish to be named.

NSW sales and marketing director James Bell said the three-bedroom apartment on the 16th floor of the development's McCaffrey wing was the best and most expensive of five penthouses.

It will boast 300-degree ocean views across Newcastle Harbour, Stockton and Newcastle Beach.

The $4.495 million price tag is well above the benchmark set for Newcastle apartment sales in 2004 when a penthouse in The Azura complex, overlooking Newcastle Beach, was bought for $3.4 million.

In 2006 the record looked like moving to $4 million when a sale in Hunter Street Mall's Silk House apartments was negotiated, but the deal fell through.

Mr Bell said Mirvac set the bar high for its best penthouse because it was confident of a result.

Interest was strong in this apartment and other penthouses still for sale.

"This site has shown itself to be unique and therefore so popular with buyers," Mr Bell said.

"We also knew it was by far the best penthouse apartment currently available in the Newcastle area.

"We had great confidence we'd sell at a high price."

The record follows The Royal's opening weekend in October of sales to VIPs in which contracts were exchanged on more than $60 million worth of property.

Mr Bell said the global financial crisis was not deterring buyers.

"Good property sells in any market," he said.

Sales settle on completion of The Royal's first stage, which is expected in late 2010. It will include 146 residential apartments and 89 hotel suites.