A little-known asset manager says it wants to buy out the country’s largest residential project from troubled developer Beulah and fund the $2 billion construction of the Sth Bank development.

Open Capital director Tim Lee told The Australian Financial Review his company, backed by an offshore “major family office” he declined to identify, was in talks to take over the $2.7 billion tower project that stopped paying its bills a year ago, owing trade creditors $5.3 million.