The project costs $900 million.
The building is designed by Fender Katsalidis architects.
It is owned by Singaporean developed World Class Land.
The building will be 319 metres tall. The Gold Coast's Q1 Tower comes in at 322 metres, but as its spire accounts for 90 metres of this height, it is expected the Australia 108 building will indeed be recognised as the taller of the two.
It will house 1105 residential units spread over 100 levels, including a multi-level, super-sized penthouse.
The penthouse costs anywhere between $20 and $25 million and offers panoramic views over Melbourne’s CBD.
The most affordable apartment in the building will set you back around $390,000.
It will also feature private dining areas, saunas, infinity pools and theatres for residents.
Work on the building’s foundations should finish-up in July 2016.
The first 40 levels are expected to be finished during 2018. Levels 41 – 66 should be completed in 2019, followed by levels 86 – 100 in mid-2020.
Melbourne has an apartment density four times higher than that of New York and Hong Kong.
The Victorian government has recently introduced and enforced new planning controls including mandatory height controls which are aimed to curb over-densification and congestion in Melbourne’s CBD.
Currently, the title of tallest skyscraper in Melbourne goes to the Eureka building.
Graham Cotton, the regional managing director of Brookfield Multiplex believes the apartment project will definitely be delayed because workers will need to deal with increased wind speeds which make crane use unsafe.