Saville Australia has unveiled its highly anticipated plans for Capital Square.

Plans for the the iconic 18,000sqm riverfront site - now known as Capital Square - are set to transform the city skyline and create a dynamic entertainment and lifestyle precinct in Perth's west end.

Set to become one of the largest inner-city developments ever seen in Australia, the visionary plans for Capital Square sees the creation of a world class residential and commercial precinct including a vibrant public plaza encompassing restaurants, retail shopping and public open space.

Saville Australia Director Vic Levy said he was excited about the plans for the site and looking forward to seeing the transformation of the west end of Perth.

"This is an extraordinary site in an outstanding location and we are thrilled to be making this contribution to Perth," Mr Levy said.

Capital Square will house over 1,000 apartments over three towers and is set to revolutionise the previously vacant end of town, linking Mounts Bay Rd with the city centre.

The exclusive residences, designed by internationally award winning architects Crone Robinson, will boast Perth's most panoramic views with breathtaking aspects across the city to the Swan River, Kings Park and ocean.

"Capital Square will become a thriving city within a city providing an exciting blend of lifestyle options for residents and leisure facilities for the wider community," Mr Levy said.

"With the proximity to the water and the CBD along with uninterrupted views this is a once in a lifetime development."

A joint venture with global investment bank Babcock and Brown, Capital Square signifies a $1.3 billion investment for Saville Australia.

Standing at 41 levels, Tower One at Capital Square will become the city's tallest residential tower, housing 274 apartments.

Combined with an extensive retail and commercial plaza transforming the corner of Mounts Bay Rd and Spring St, Tower One at Capital Square will provide residents and visitors to the CBD with an unprecedented inner city lifestyle precinct.

Residences across the development will include a mixture of one, two and three bedroom apartments and spacious penthouses boasting views never before seen in Perth.