Stage one of Swanston Central has settled 85 per cent of apartments, after the first five days of settlement.

The 70-storey Swanston skyscraper will comprise a total of 1,039 apartments when complete. 

Chinese-based developer Hengyi Pacific acquired the site in March 2015 for $64.8 million from the Australian arm of listed Singapore developer Chip Eng Seng, who flipped the block after purchasing it a year earlier from Melbourne-based Grocon Group.

The tower was designed by Elenberg Fraser architects and includes 2,700 square metres of mezzanine retail space with a food and beverage offering fronting Bouverie Street.

Pictured: An artists impression of Swanston Central. Image: Hengyi Pacific.

With a love for tall towers, Melbourne is also home to Australia 108, set to be the tallest residential tower in the southern hemisphere at 317 metres high, located in the Southbank precinct. Another residential skyscraper Eureka tower soars 297.3 metres high, also in Melbourne's Southbank.

Hengyi development director Dean Fossey says the apartment complex will be the group’s third major Melbourne project, following The William redevelopment in William Street and the 69-level Light House apartment at 450 Elizabeth Street.

Colliers International managing director of residential, Tim Storey says sales were snapped up by local younger buyers.

"The tower's location in between Melbourne University and RMIT boosted interest," Mr Storey said.

The development is expected to be completed towards the end of 2019.

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