The future of Australia’s tallest residential building project is now even more uncertain as its project manager’s creditors vote to sell the Melbourne Southbank site.
Beulah International, the Malaysian-backed developer proposing the $2.7 billion Sth Bnk project, called in administrators for its project management arm in February 2025.
The company, BSSPV, had collapsed with debts of more than $100 million.
Creditors voted this week to sell the site despite it granting them only a quarter of the debt that they are owed.
Many of BSSPV’s creditors are related to other entities in Malaysia connected to Beulah but around $5.3 million is owed to several Australian-based businesses.
Those creditors include Cox Architecture, AECOM, KPMG Financial Advisory Services and UN Studio.
As reported in other media, Cox is owed $616,322, UN Studio is owed $334,494, AECOM $362,181 and KPMG $364,650.
Control of BSSPV will move back to Beulah once the creditors have been paid.
How much creditors will receive will depend on what is raised through the sale of the site.
The site is the former BMW showroom on City Road in Melbourne’s Southbank and is owned by another Beulah company, SB Nominees.
SB Nominees is not in administration and will be open to selling the entire site or taking on a partner as part of a joint venture with Beulah.
Settlement is expected to occur within 18 months but the sale option means creditors would get more than if they chose to liquidate the company.
Early works were expected to start on the project this year with a $35-million sub-penthouse and pre-sales already completed.
The project consists of two towers with amenities including a luxury car fleet and a hotel component.
There will be a planned 27,000sq m of office space, 21,000sq m of retail, 202 hotel rooms operated by the Four Seasons and 789 apartments ranging from one bedroom to five bedrooms.
When the project launched in April 2022, Beulah had a record $400 million in pre-sales with buyers expected to put down $5000 as a deposit to register.
Many bought several apartments intending to combine them to create larger spaces.
Beulah was contacted for comment prior to publication.
