CNN

Forget superyachts, a new residential vessel is on the way that's so huge, it's being referred to as a "yacht liner."

Measuring an impressive 728 feet, Somnio is to be the largest yacht in the world "by both length and volume" when it launches in 2024.

Somnio, which means "to dream '' in Latin, was devised by Winch Design and Tillberg Design of Sweden, and is to be built by Norwegian ship designer and builder VARD at a cost of around $600 million.

The gigantic vessel will be fitted with 39 apartments across six floors, as well as restaurants, bars and an onboard beach club.

However, the purchasing process is "by invitation or referral only," with apartment prices starting at over $11 million. A spokesperson for the project confirms to CNN Travel that some have already been snapped up.

While the identity of the owners will be kept secret, those who make the cut will benefit from full concierge services "for both onboard and land-based needs," not to mention the privilege of having the biggest yacht in the globe as their address.

Each of the 39 apartments is to include "bespoke features" based on the buyer's preferences, but a gym, a library, as well as inside and outside dining spaces are likely to be provided, according to a press release from Winch Design.

The designers behind Somnio believe it will offer those who splash out on one of its luxury properties the same level of service as a "seven-star" hotel, along with the huge benefits of owning a superyacht.

Health concerns have also been taken into consideration, particularly in in light of the pandemic, and the team stress that "world class medical care" will be available onboard, while pointing out that those on board will likely be kept "away from pandemics and other global risks."

"Somnio will be the only residential superyacht in the world and has been designed to exacting standards that are commensurate with a life of opportunity," captain Erik Bredhe, co-founder of Somnio, said in a statement.

"Owners will share a truly unique lifestyle at sea, with a hand-picked crew and a neverending global itinerary of carefully selected destinations and experiences befitting a yacht of this nature."

While Somnio is ultimately to be a place of residence, the designers say that environmental sustainability is to be a key focus, and the yacht will"help scientists and marine experts conduct research into ocean environments."

Some of the shared on board amenities onboard available include a 10,000-bottle capacity wine cellar and tasting room and a lounge in the ship's bow.

The unveiling of Somnio comes after plans were revealed for a floating luxury real estate development on a man-made island near the Bahamas, where property prices start at $19,800 and rise to over $1 billion.

Meanwhile, the World, currently the largest private residential yacht at 643 feet, is due to set sail again this month after being anchored throughout much of the pandemic.