The Pearl: Plans for $180 million South Perth apartment complex collapse amid second liquidation

Velentes, the developer behind the proposed $180 million Pearl luxury apartment tower in South Perth, has entered liquidation after failing to secure promised funding for the $13.5 million development site, bringing the 27-storey project to an end following the earlier liquidation of original developer Dragon Century in May 2025, with approximately 18 contractors and consultants left with disputed claims totalling between $800,000 and $1.3 million, including $258,000 owed to engineering consultancy GHC Group, while Velentes co-founder Josh Letcher maintains that construction financing and a builder had already been secured and says he is working toward an arrangement to pay outstanding creditors.

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