Despite apartment sales totalling $1 billion, including a $38-million sub-penthouse, Melbourne’s record-breaking Sth Bnk tower has hit a financial wall as soaring construction costs force its project management entity into voluntary administration.

The $2.7-billion project at Southbank is on hold as BSSPV Pty Ltd enters administration thanks to wind-up orders by architecture firms Cox Architecture and UN Studio.

BSSPV is the project management entity for Sth Bnk by Beulah.