Sellar Property Group and Great Western Developments have submitted planning application for developing £1bn Paddington Place, which is expected to be one of the tallest buildings in London, UK.
Great Western Developments is a subsidiary unit under Singapore-listed Hotel Properties.
The 254m tall tower has been planned to be built on the site of the former Royal Mail sorting office at 31 London Street, beside Paddington station.
Developers have revised the plans for the development, which will now have 72 storeys instead of the initially planned 224m 65-storey building.
The tower has been planned to have a crystal light-reflecting exterior, and is expected to transform the area where a Crossrail station is set to open in three years.
Once completed, the project will offer 330 apartments, 10,000m² of office space and around 5,000m² of retail and leisure space at Praed Street, rail concourse and tube station levels.
It will also have a 13,000ft² open-air publicly accessible roof garden and restaurant that will offer panoramic views of the UK capital.
Construction works under the project are likely to extend for around four years, during which it can create 450 construction jobs annually.
The project will also involve creation of an acre of new public realm, including a piazza in front of Paddington station.
The ramp serves as the Paddington station's entrance and will be removed to open up the area in front.
Sellar Property Group chairman Irvine Sellar said: "This exciting transformational development will enhance this important part of central London.
"Paddington's transport interchange will be fit for purpose for the 21st century, and the wider mixed-use development and public space will enhance the way residents, visitors, businesses and their people live, work and play, and will make a major contribution in revitalising this district."