The Victorian capital is set to become home to the southern hemisphere's first "super tall" skyscraper.

The Victorian state government has given its approval to the construction of a “super tall” skyscraper in Melbourne that will be the first of its kind south of the equator.

Australia 108 is a 318-metre tower proposal being developed by Singapore’s World Class Land in Melbourne’s luxury South Bank, which will consist of 1,105 apartments spread over 80 floors.

The apartments will provide a significant variety of housing options, consisting of a mixture of one-, two- and three-bedroom units.

The tower will contain two full floors of luxury facilities on its 70th and 71st levels which will be reserved for the exclusive use of residents, including two infinity pools, a library, fitness centres, club lounges and private dining areas. The building will also feature a podium-level car park, an in-house cinema and a 25-metre lap pool.

The project is a moderately scaled down version of a 388-metre tower proposal which was given the go-ahead last year by the Napthine government, but the approval of which was rescinded as a result of flight controls in the CBD.

Planning Minister Matthew Guy hailed the new tower proposal as making a landmark contribution to the overall character of the Melbourne CBD while also touting as the local provenance of its design, which was led by project architect Nonda Katsalidis.

“Australia 108 will be the most striking building on Melbourne’s skyline and a great example of the strength of homegrown Melbourne architecture,” Guy said.

While the development team has not yet engaged a sustainability consultant, Katsalidis said the design already incorporates a slew of green features, including heavy insulation, high-performance glazing, natural ventilation and energy efficient lighting.

Australia 108 is just one of a trio of skyscrapers approved on the same day by the Victorian planning minister Matthew Guy, including a $900 million, 100-floor tower on Southbank Boulevard.

The approvals come as the Victorian government strives to increase residential space and population density in the Melbourne downtown area, with nearly 20 new high-rise buildings already set to add to the city’s skyline.

Koh Wee Seng, chief executive of World Class Land’s parent company Aspial, said the development will be a defining project for Melbourne’s luxury residential market.

“We are extremely proud to be able to deliver such a landmark project in Melbourne, where we see a great appetite for luxury apartment living,” he said. “We believe this building will play a major role in showcasing Melbourne as a world-class city and a leader in modern architecture.”

Australia 108 hit the market in January 2015, with construction set to commence in the middle of the same year and be undertaken in three separate stages.