Sunland Group, an Australian residential and hotel developer, will proceed with a A$500 million (about HK$2.06 billion), 80-level residential building on the Gold Coast.
The project, billed as the world's tallest residential tower, was given approval last week by the planning committee of the Gold Coast City Council.
A joint-venture development with the Brisbane-based Anderson family, the building will comprise 527 residential apartments and soar 320 metres, 20 metres taller than the Eiffel Tower.
Sunland managing director Soheil Abedian said this was the most ambitious residential property development undertaken by the group.
The tower, designed by Atelier SDG Architects, will be built on Hamilton Avenue - bounded by Clifford Street, Northcliffe Street and the new Surfers Paradise Boulevard - in Surfers Paradise.
Sunland also has announced a long-term corporate alliance with Australian champion swimmer Ian Thorpe.