A Melbourne-based apartment complex billed as the most prestigious in the city has suffered persistent problems as faulty glass has detracted from sought-after views and balcony panels have been known to randomly shatter,a newspaper report says.

A report in the Herald Sun newspaper says problems associated with The Melbournian,a 23-storey development completed in 2001,were cited in documents lodged with the Victorian Civil and Administrative Tribunal in a dispute between the Owners Corporation and builder Mirvac.

According to the report,nine panels have failed since the building opened and lawyers for apartment owners claim the balustrade glass poses"an unacceptable risk of spontaneous failure."

In a witness statement,one affected resident said she heard loud cracking noises similar to gunshot sounds before she watched the entire panel collapse and fall to the ground.

Curved glass'curtain walls'are also causing concern,with residents complaining of glass defects such as delamination,clouding and other marks.

While experts hired by the Owners Corporation have estimated repairs could cost as much as$9.2 million and take up to 18 months to complete,lawyers for Mirvac have reportedly denied some of the defects and claimed that inadequate building maintenance has contributed to problems.Experts for the company,meanwhile,put the damages some at$3 million.

The Herald Sun says it understands the parties reached a confidential agreement last week.

Owners Corporation chairman Ray Hille says the owners are happy with the outcome and that the issues in question had not impacted the structural integrity or amenity of the building.

"Owners are very pleased with the scope and cost of the rectification works agreed with Mirvac and look forward to the orderly finalisation of these works,"Hille says."They are the types of issues that often arise during the settling-in period of a major new project,and they do not affect the structural integrity or amenity of this iconic development."