Century Group Aus, the local property platform of China Century Group Inc.'s partnership with Exhibition and Travel Group, unveiled plans to develop its first project, an A$800 million apartment and hotel along the banks of the Yarra River in Melbourne, The Australian Financial Review reported.

The proposed Flinders Bank integrated development at the corner of Spencer and Flinders streets in the city will have three terraced towers of up to 33 levels, as well as a 21,000-square-meter retail and public plaza, according to the March 22 report.

The project site carried an approval for a three-tower scheme containing 1,100 apartment units when it was acquired for A$97 million by the Chinese duo. However, the initial plan was scrapped and a new design for the development has been lodged to include 500 apartment units and a 167-room hotel, the paper noted.