The planned skyscraper will tower over the Victorian city of Melbourne, reaching up in the skies courtesy of its US$ 622million price tag.

The building will house residential flats, a hotel, and a bar at the very top offering outstanding views over the city below.

“[It] has the ability to define Melbourne and signify our coming of age as a dynamic and progressive international city,” said the building’s co-designer Nonda Katsalidis of Fender Katsalidis architects.

The tower had better get started soon though if it wants to get that southern hemisphere’s highest tower crown.

Construction is set to commence early next year and to take three to four years until completion. However, a rival and higher tower in South Africa set for completion by 2018, too. So Australia 108 may hold the tallest southern hemisphere building record, but it might not be for all that long, if at all.

Photo: Fender Katsalidis Architects