Overlooking the first tee and 18th green of the Old Course, St. Andrews Grand provides majestic views of golf’s home.

Currently a college dormitory—the University of St. Andrews’ Hamilton Hall—the 110-year-old red Dumfries stone structure will be transformed into perhaps the finest luxury golf address in the world. Work begins this summer and once complete, St. Andrews Grand will comprise 23 residential units (including the sixth-floor penthouse)—each divided into eighth-share fractional memberships, which start at $750,000 and include accoutrements like a members-only club room, spa, fitness center, pub and personal driver.

Membership also guarantees a minimum of 10 weeks’ annual access—if you’re lucky enough to receive an invitation. Twenty to 25 of the 115 available memberships will be reserved for R&A members, according to the project’s principal developer, David Wasserman. “We’re looking for sophisticated golfers and world travelers who have come to expect the finer things in life,” he says.

As for golf, members will have privileges at Crail, Elie and Kingsbarns, where Wasserman has a co-controlling interest. Although there is no formal arrangement with the St. Andrews Links Trust, members will have a full-time concierge to assist with securing Old Course tee times.