ApartmentsClare BurnettFri 14 Aug 26
Deposits to be Refunded as Beulah’s Sth Bnk Collapse Plays Out
The dream of Australia’s tallest apartment tower is dead in all but name, as buyers in Beulah’s failed STH BNK learn their deposits will be returned.
Beulah confirmed the news by receivers KordaMentha and Alvarez & Marsal of the refunds.
By the time Beulah’s development vehicle BSSPV had collapsed, more than 80 per cent of the project’s 705 apartments were sold, totalling close to $1 billion.
It was reported earlier this year that deposits for 540 contracts worth around $650 million were locked in an interest-earning trust account while options were considered.
It is unclear how much of the deposits remains to be returned. Buyers are subject to 10-year sunset clauses, although repayments are expected to occur much sooner.
Beulah released a statement following news of the deposit return and the sale of Hanover House, one of the development parcels, describing STH BNK as an “ambitious vision” for Melbourne.
“We’re proud of the work that went into it. While we're disappointed the project will not proceed as originally envisaged, challenging market conditions made delivery increasingly difficult despite our best efforts,” a spokesperson said.
“We explored every reasonable avenue to make the project work and respect the outcome. Our focus now is on working constructively with all stakeholders as the process moves forward.”
The demise of STH BNK
STH BNK—the planned 102-storey and 68-storey Melbourne towers—has been a story of major highs and deep lows.
The brainchild of Beulah’s Adelene Teh and husband Jiaheng Chan, advised by Teh’s Malaysian developer father Datuk Teh Kean Ming, STH BNK was heralded as an ambitious and iconic project for post-lockdown Melbourne.
Beulah acquired the sites at 102-156 and 158 City Road and 60 Southbank Boulevard over three years. It bought 118 City Road in 2018 for $101 million. The site was formerly home to BMW Australia.
The developer unveiled plans for two twisting towers the following year, describing the project as a “mini-metropolis”. It was approved in 2020.
When the apartments launched in 2022, the $2.7-billion project set a new benchmark for off-the-plan sales—$400 million on the first day in 2022.
The project also produced what was then Melbourne’s most expensive apartment sale, with the STH BNK sub-penthouse selling for $38 million. It surpassed the previous record, set by another STH BNK penthouse that sold for $35 million.
But the wheels began to fall off in 2024 as construction costs escalated.
By February 2025, BSSPV—formerly Beulah SB SPV Pty Ltd—had been placed in administration following wind-up orders by Cox Architecture and UN Studio.
Creditors voted to sell the two parcels of land on which STH BNK was to be built in March 2025, after the collapse revealed that Beulah’s vehicle had gone into administration with debts of more than $100 million.
BSSPV submitted a Deed of Company Arrangement in December 2025 in an attempt to return money to creditors. Its first, and so far only, dividend was paid to creditors in January 2026.
Media reports this month confirmed the receivers had sold the 158 City Road site, home to Hanover House and its distinctive floral facade.
The site reportedly sold for $26 million, well below the more than $40 million Beulah paid for it in 2021.
The remaining STH BNK development sites are now being carved up for sale.
