Australian real estate giant Central Equity has chosen Perth-based Brookfield Multiplex to construct its 48-level inner city apartment tower, named Southbank Central.

The project is worth $130m and is located at 1-13 Balston Street in Southbank.

It will feature 485 residential apartments having one, two and three bedroom configurations, along with retail, car parking, a swimming pool and gymnasium.

Both the companies have previously teamed up for 14 other projects, which also include the recently completed $120m Southbank Grand.

"Southbank Central will build on our strong credentials in delivering high-rise apartments in Melbourne’s CBD."

Some of the residential projects completed by Brookfield Multiplex in the past two years include a $180m tower on the corner of Docklands and the Harbour Esplanade, Stage Two of the $150m Upper West Side Apartments and the $300m Prima Tower in Queensbridge Street, Southbank.

Some of the other Central Equity projects underway include MelbourneONE, Gateway, Featherbrook, and Berry Lane.

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Brookfield Multiplex Victoria regional managing director Graham Cottam said: "Southbank Central will build on our strong credentials in delivering high-rise apartments in Melbourne’s CBD.

"Our success in this specialised arena of the residential development sector enables us to successfully deliver complex designs within the busy, operational environment of the city."

The construction for Southbank Central has already begun and the project is expected to be completed by the second half of 2017.