Once construction is complete at the end of this year, Molonglo Falls will boast 129 apartments on the corner of Terry Connelly Crescent and John Gorton Drive in Coombs.

The developer held a topping out ceremony to celebrate the building reaching its highest point of construction. As is the norm with topping out ceremonies, a tree was temporarily placed atop the Molonglo Falls building to mark the milestone.

Plans for the site have been underway since Zapari purchased the block in early 2018 for close to $3.4 million, as reported at the time.

The developer initially proposed 212 apartments for the site, which were knocked back by the ACT Planning and Land Authority. In 2019, Zapari's revised plans for a 149-unit complex were also refused.

Zapari challenged the decision at the ACT Civil and Administrative Tribunal and an agreement for a smaller 140-apartment development was reached.

The final plans have been revised further and will include a mix of one-, two- and three-bedroom apartments, plus shared spaces with kitchen and bar facilities that residents can book for up to 20 guests.

A central atrium is also part of the designs, the work of Cox Architecture, with a green wall and waterfall feature included in the artist's impressions.

Nathan Ross, general manager of development at Zapari, said the atrium was designed to harness additional natural light and ventilation.

"It's really trying to de-scale the built form and create an environment that's homely, inviting and welcoming to the occupants of the building," he said.

Residents are expected to start moving into Molonglo Falls in early 2023.

Online listings show a range of apartments marketed for sale including three-bedroom apartments priced between $749,00 and $759,000.

Mr Ross said the project is sold out, however some apartments have been listed for re-sale by their original owners.

Zapari is also developing The Shard, a 273-apartment complex in Woden.

Mr Ross said the development application has been approved and work is scheduled to commence later this year.

"We're ready to commence and hoping to commence on site with demolition works in August ... then we'll be completed within two years of that start date," he said.

Mr Ross said construction is a "juggling act at the moment" as builders deal with delays, material shortages and staff shortages due to COVID-19.

"There's definitely risks with delays in the current market now. But it really just comes down to planning and ensuring that you are spending the time upfront to understand the risks and be flexible and work cohesively with your builder," he said.

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"So everyone's becoming somewhat a little bit more educated in the market, as to where the risks and hold points lie on both sides.

"I think a lot of builders are finding it difficult, but they're working really hard to mitigate as much of those risks as they possibly can at the moment."

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