A giant new landmark is climbing into Melbourne's skyline, as construction begins on the Australia 108 skyscraper.

This month, work started on the foundations of what will be the southern hemisphere's tallest apartment building.

Some residents could move into the tower as soon as 2018 while construction is still in full swing, as the project by Singaporean developer Aspial will be completed in five stages.

Apartment owners below level 41 are likely to get their keys from September 2018, when the building is less than half finished.