A consortium led by IGB Corp together with Japanese and Taiwanese partners have won the bid to build the Taipei Twin Towers. The project will reportedly cost of between CNY7.3 billion and CNY8.35billion (US$1 billion and US$1.3 billion), according to local media.

The pair of mixed-use towers will reach 243 meters and 322 meters (797 feet and 1,056 feet). The group is expected to break ground within one year.

The buildings, scheduled for completion in 2017 and 2018, will reportedly require more steel than can be supplied by any one company, potentially giving a boost to the island state's flagging steel industry, according to the China Post.