London, England (CNN) -- At first glance it may look more like a black box than a millionaire's play pen, but "unfold" this superyacht and a world of luxury and opulence is unveiled.

This is the "Origami Yacht," the innovative design concept by Italian designer and Millennium Yacht Design Award winner Fabio Federici.

Taking its cue from the Japanese art form of paper folding, the stylish concept yacht transforms from a lavish play pad to a sleek speed machine thanks to its ingenious multi-functional deck and "folding wings."

Still at the design stage, if built the vessel would cost in excess of $7.6 million.

For designer Federici, the key was to create an unconventional yacht that combined both speed and luxury.

He told CNN: I wanted to create a yacht that had an entirely different image from the other boats and wanted an opposite styling to their soft and flowing lines."

"I was inspired by the rigid shapes of the stealth aircraft. Then I got the idea of the convertible main bridge and then I noticed the similarity with the origami," he continued.

When in "closed" mode, the compact and aerodynamic design allows the vessel to reach optimal speeds. But when anchored, the luxury craft unfolds to create a palatial living space complete with four cabins below and a spiral staircase leading to two shaded hammocks on the roof.

In addition, the deck also features a play pool and three rotating lounge decks allowing for 360 degree sea views whilst working on that killer tan.