A newly built luxury family home offers a rare opportunity for seafront savings. Property Editor Orna Mulcahyreports

With a shortage of large detached houses being built in Dublin, buyers at the upper end of the market have had little choice but to buy second-hand and take the nine per cent stamp duty on the chin.

However, occasionally, a builder secures a site in a prime location and builds a one-off house aimed at high-flyers, offering them the added incentive of reduced stamp duty. Stamp duty on large-scale new houses is generally calculated on the site value, rather than the total value, so the tax saving is significant.

This is the case with Wilton, a newly built four-bedroom facing the sea at Nerano Road, in Dalkey.

The 264sq m (2,800sq ft) house is asking €3.5 million by private treaty, and based on its site value, the stamp duty payable is approximately €135,000, according to selling agent Gunne New Homes. A second-hand house at the same price would incur stamp duty of €315,000.

The builders, the O'Connor Property Group, are better known for their small scale apartment and mews type schemes in the city, but building a one-off in Dalkey too good an opportunity to miss.

The site, which was wide rather than deep, determined the linear design of this home, which, inside, feels more like a show apartment than a house. It's furnished from top to bottom in a rather stark, black and cream scheme and all the furnishings are included in the asking price.

Nerano Road is above Coliemore Harbour, within walking distance of the village, and as one might expect, the views are stunning.

You don't see much of the house from street level as it's set below the road, with steps leading down to an impressively tall front door. Inside, you get living space that includes five bathrooms. The marble floored hallway leads through to a large, bright sitting room that opens directly through to the kitchen-cum-diningroom.

Both rooms are focused on the view, with wide windows framing a view of Dalkey Island, and a wall of concertina-style patio doors in the kitchen opening onto a split-level patio. The sleek, limed-oak kitchen comes with integrated Miele appliances and a Brittannia range.

There is wiring for a plasma TV in the living area with Dolby cinema surround system.

The patio off the kitchen also connects with a formal reception space at the far end of the house. This high-ceilinged split-level room has space to seat 10 at one level, with steps leading to a large seating area with luxurious velvet sofas around the fireplace.

There are two bedrooms on the upper level and two more downstairs, all with ensuites. All the bedrooms have light oak flooring and walls painted in pale Farrow & Ball colours.

The main bedroom has a large walk-in dressing room, as well as a luxuriously fitted bathroom.

There is no back garden, just the split-level patio, which has plenty of space to entertain a crowd or for container gardening on a large scale. There is good off-street parking behind electric gates.