Australia would build a memorial to missing flight MH370 at Elizabeth Quay, in the city of Perth, news portal Perth Now reported.
Western Australia premier Mark McGowan was quoted saying that the monument was expected to be ready by the second half of 2018.
Tender documents sighted by Perth Now stated that the monument would cost about AS$126,000 to be paid by the West Australia state government and the federal government.
The waterfront monument will not bear the names of the 227 passengers and 12 crew members on board the plane that went missing three years ago as “their circumstances are unresolved”.
The victims would also be referred to as “those lost” rather than “those that died”, the website reported.
MH370 from Kuala Lumpur disappeared en route to Beijing on March 8, 2014.
Australia, China, and Malaysia in January called off the search they had jointly coordinated and funded after failing to find any trace of the missing Boeing 777 in the 120,000sq km search area in a remote part of the southern Indian Ocean.
The disappearance of the aircraft remains the biggest unsolved crash in aviation history.
McGowan said the monument was an important way to honour the victims of MH370 and their families, who were from 14 countries.
“The site at Elizabeth Quay in Perth has been carefully chosen to provide a fitting and accessible location for family and friends and other visitors from all around the world and offer an appropriate setting for quiet reflection and contemplation,” McGowan said.