Developers in Taiwan have announced a plan to build a landmark skyscraper in downtown Taipei at a potential cost of 70 billion New Taiwan dollars (about 2.4 billion U.S. dollars).

The building, located near the Taipei Railway Station, will be a multi-functional complex containing offices, shopping malls, hotels and a transportation hub.

Construction work will begin in 2013 at the earliest and finish in 2018.

The development plan, touted as the biggest in Taiwan's history, is expected to create 23,000 jobs and an annual economic output of 30 billion New Taiwan dollars (about 1.03 billion U.S. dollars) over the course of its construction.

Taipei 101 is the current landmark building on the island.

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