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Overseas developers drive residential skyscraper boom in Melbourne

23 buildings taller than 200 metres are being planned or built to meet the demand for centrally-located homes, but some analysts are concerned about oversupply

Sydney

AUSTRALIA'S second-largest city is seeing its skyline being transformed at the fastest pace ever by Asian developers building residential towers. Now there are concerns too many are going up.

Companies including Hong Kong-based Far East Consortium International Ltd, Beijing-based Sino-Ocean Land Holdings Ltd and Singapore's Aspial Corp have flocked to build high-rises in Melbourne as lifestyles change and Chinese demand climbs.

Twenty-three buildings taller than 200 metres are being planned or built, the most on record, according to Urban Melbourne, a website that tracks developments in the city.

"The level of building is unprecedented," said Cameron Kusher, Brisbane-based senior research...

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