It seems that many residents in capital cities will boast spectacular views in coming years. Construction has now begun on Brisbane's tallest residential building, the $1 billion, 274-metre high Skytower.

 The joint venture of Sydney-based property developer Billbergia and investment company AMP Capital is set to be the third-tallest apartment building in Australia, after Gold Coast's Q1 and Melbourne's Eureka Tower.

The tower will house 1119 mostly two-bedroom apartments, and will include a sky recreation deck on the 89th floor featuring Australia's highest infinity-edge pool.

The eight-level underground carpark has already been completed, and will be open to public parking next month.

The tower, which also includes an adjoining five-star hotel, is expected to have its first residents move in by 2017.

Since its first release six months ago, Skytower has reportedly generated more than $350 million with the sale of 550 apartments.

AMP fund manager Warwick Petschack has said that roughly a third of investors were from Brisbane, 20% from overseas and the rest from interstate.