Construction of what will be the highest residences in the Southern Hemisphere when completed, has hit its first major milestone, with the first residents set to move into Australia 108 in Southbank, Melbourne, in June.

Builder Multiplex has handed over the first portion of the building, comprising 277 apartments located between levels 14 and 30.

Many residents are anticipated to start moving into the building over the coming weeks while construction of the remaining floors above continues to progress rapidly.

From day one the residents will have access to some of Australia 108's extensive amenities, with construction of its lap pool and gym area on level 11 having been completed, along with two levels of car parking.

Residents will access their luxury apartments via a fully completed private lobby, with workers accessing the building through separate entrances not visible to residents.

This is enabled by a unique method of construction by Multiplex that enables multiple staged handovers, which will see the building completed in several portions, meaning residents can move into their apartments sooner rather than waiting for the entire building to be completed.

The first residents moving in will be insulated from the ongoing construction works more than 20 levels above by a buffer zone between major works and everyday living, as well as a variety of innovative techniques including temporary 'jumping' lift motor rooms, hoists and cranes.

World Class Global CEO David Ng said: "This is a historic moment for this iconic project, which is not only on its way to becoming Melbourne's tallest building but will also house the highest residences in the Southern Hemisphere. "

"We extend a warm welcome to all of our inaugural residents who will now call this iconic address home."

Multiplex Regional Managing Director Graham Cottam said the project was on track for completion in the next two years following a rapid construction process, with the core structure up to level 59 and slabs at level 53.

"We are delighted to be progressing as expected and have drawn on our technical expertise in delivering high-rise residential towers within the CBD environment," he said.

"This country hasn't seen a project like Australia 108 from a sheer numbers perspective. If we look at the glass façade alone, all up some 2,500 tonnes of glass spanning 47,000 square metres will be used to create the tower's innovative façade."

Commencing construction in November 2015, foundation works on Australia 108 took almost nine months to complete, with some of the most substantial piling works undertaken in Melbourne to date. Drilling went a massive 46m deep, with 1950mm thick core walls used in order to strengthen the cloud-breaking building.

In July 2017, the first of Australia 108's unique façade panels were lifted into place. Weighing between 200-300 kilograms and measuring approximately 4.5 square metres each, the panels aren't the only large materials being craned on site.

The tower's eye-catching golden Starburst, which will house two full floors of private amenity including two pools 210 metres above street level, is expected to be lifted into place early next year.

Mr Ng said there were only a small number of apartments left in the tower, and opportunities to purchase a home at the iconic address were limited.

To date more than $872 million in sales have been made, with the first handover providing World Class Global with approximately $147 million in recognised revenue.

"With construction well advanced, we have a limited edition of three-bedroom apartments available in this iconic building for those interested in purchasing within a future landmark on Melbourne's skyline," he said.

Priced from $1.957 million, the group of 19 apartments are all located above level 71, offering some of the best views in Melbourne over the CBD and out to Port Phillip Bay.

Purchasers of these premium homes will enjoy a sense of exclusivity afforded by their own private lobby and concierge separate to lower levels of the building, as well as their own gym, pool and entertaining facilities.

Launching for sale in November 2014, Australia 108's 1,103 apartments sold rapidly, with the 750-square metre penthouse setting the record for Australia's most expensive apartment when it sold to a Chinese national for $25 million in April 2015.