Cheval Blanc's 4 bedroom private island is also USD 45,000/night. There is no way Conrad is charging that about 99% of nights. It's closer to be around ~USD 20,000/night, perhaps even less.
On that note, it's not 'only' an underwater villa with 1 bedroom - the promotion is a bit (perhaps deliberately?) misleading. I had the VR tour of this a few months back, in May.
The villa is a 3-bedroom overwater residence away from the main resort (like Gili's Reserve). There is one bedroom that is underwater.