A scheme to boost apartment construction in Adelaide's CBD by improving investment confidence in development projects has been unveiled by the South Australian government as a major election commitment.

The government said that, if returned to office at next year's March poll, it would financially underwrite up to $500 million worth of apartment construction in what it described as the "mid-tier of the market".

But the government said money from that half-a-billion-dollar fund would only be spent if apartments constructed under the scheme failed to sell.

"We are in effect acting as a guarantor," Premier Peter Malinauskas said.

"The developer, the builder will then construct the apartment and sell those apartments, and our guarantee will only be called upon if those sales are not actual

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