MARKETS

In general, each multi-level building design requires architectural, structural, foundation and basement design.

Foundation plays a critical role in ensuring the stability and safety of the building. The foundation must be designed to withstand the loads imposed on it by the structure, such as the weight of the building, the occupants, and any additional loads like furniture, wind or snow. The main purpose of providing foundation to a building is to distribute the weight of the structure on a sufficiently large area of the substratum.

Construction of basements for buildings can be very challenging if it is situated in CBD with underground services and tall buildings around the site. Temporary and permanent retention system is required to construct basements of buildings.

Melbourne is home to approximately 758 completed high-rise buildings. Of those completed and or topped-out, 77 buildings are defined as "skyscrapers"–buildings which reach a height of at least 150 metres (490 ft); more than any other city in Australia. Overall, Melbourne's skyline ranks the tallest in the Oceania region and the 24th tallest in the world by the number of completed skyscrapers. Melbourne comprises five of the ten tallest buildings in Australia and the city has routinely hosted the tallest building in Australia to architectural feature or roof. As of 2025, the tallest building in Melbourne is the 100-storey Australia 108, which stands 317 metres (1,040 ft) in height and whilst the second–tallest building in Australia, it is the tallest to roof.

Based on current growth rates, Melbourne is set to overtake Sydney as the nation's most populous city by 2026, placing growing strains on infrastructure, tenable office space and housing. From Australia's tallest building to the city-shaping metro tunnel and premium high-rise commercial and residential towers, here are Melbourne's major development projects.

WEST SIDE PLACE

Hong Kong-listed developer Far East Consortium is pressing ahead with two towers in the developer's West Side Place project at 250 Spencer Street on the former The Age site. The 81-storey Tower 1, which will house the Ritz-Carlton, will be 281 metres tall and once complete will be the tallest hotel in Australia, while the 64-storey Tower 2 will be 221 metres.

Construction has already commenced on West Side Place, with apartment amenities having been installed up to level 24 at Tower 1 and level 23 at Tower 2. Residential amenities are also beginning to take shape with fit outs commenced for the pool, gym, cinema, karaoke room and virtual golf rooms. Once complete the project will comprise 1,376 apartments and 257 luxury hotel suites.

Key facts:

• FEC bought the site from developer ISPT in 2012 for $75 million.
• The Cottee Parker design for the site was approved in 2014.
• The project is being built by Probuild.
• The residential development offers one, two and three bedroom apartments.
• Over 3,000sq m of ground floor retail space.

ASPIRE TOWER

ICD Property Group is developing its 65-storey high-rise residential tower at 299 King Street with joint venture partner financier MaxCap, which has both debt and equity positions on the project. ICD secured construction funding for the Elenberg Fraser-designed tower from American investment bank Goldman Sachs for the $440 million high-rise tower. The 594-apartment development, ICD's second central city residential development in Melbourne, is located opposite Flagstaff Gardens on King Street. Early works commenced late last year with construction anticipated to take about three years to complete.

Key facts:

• Designed by Elenberg Fraser.
• The project is being built by Melbourne-based builder Hickory.
• The project comprises a mix of one, two, and three-bedroom apartments.