The green-lit skyscraper is designed as a twisted tower that consists of everything anyone can imagine within 6000 square meters of pure green space consisting of not just apartments, entertainment, and business premises (offices and retail), but will also feature a luxury hotel, conference halls and even a rooftop garden on the 102nd floor. The project that will be managed by Beulah International and titled STH BANK is expected to breathe new life into the Southbank Precinct and revitalize the area.
The project has been approved by the government which will give Australians a new ‘tallest building’. The project will feature two towers the first tower measuring at 288 meters and the second tower hovering at 366 meters which will be 37.5 meters higher than the Gold Coasts Q1 building which stands at 322.5 meters and currently Australia’s tallest building. The project when completed will eclipse the Q1 building at Collins Street since it held the title since 2005.
Sally Capp, the mayor of Melbourne indicated that the project will be nothing less than an ‘awe inspiring’ feat that will produce a positive ripple effect on in-flowing investments. Apart from that it will also boost the confidence among the construction community that has been cautious due to the rising cost of construction materials.
At present the project has already garnered more than one billion dollars in investment and the entire project is expected to provide almost 5000 individuals with employment throughout the duration of the project indicated Capp. She also added that this particular project will present a challenge to future developments as future projects will be compelled to go beyond expectations which is a positive element.
The construction which is to commence in 2024 and expected to be completed by 2029 is also expected to revive various components of the construction industry including enterprises that offer heavy machines such as excavators and cranes for hire as this would lower operational costs significantly for Beulah whilst simultaneously supporting local construction components.
Although it is expected that the construction company will be using their own equipment for the majority of construction tasks, the company will benefit more by renting some of the equipment such as high end mini excavator hire and mini dumpers that feature the latest technologies as these machines will be used sparsely over the duration of the project.
Apart from that the project is also expected to boost the Victorian economy as the spending power of the local citizens increases not just during the period of construction, but also after when residents and businesses move into the building which will be a ‘world class attraction’.
The construction industry has always been a primary sector in Victoria as it is responsible for significant employment provisions, taxation revenue for Victoria and Gross State Product (GSP). The industry is in essence responsible for maintaining the current living standards of Victorians and is also the third largest employment provider in Victoria accounting for more than 350,000 jobs out of which more than 300,000 jobs are full-time employment positions which render the industry as the largest provider of full-time employment in Victoria.
As of 2022, the construction industry accounted for nearly 9 % of the state’s total GSP valued at nearly $40bn establishing the industry as the 5th largest sector in the state. This project is expected to support some of the 120,000 construction related companies in the state given the size and duration of the project especially enterprises involved in supplying raw materials, construction parts (pipes, glass panes etc.) and also companies that provide heavy machines such as excavators for hire.
