UEM Sunrise buys land in Melbourne for A$43m

KUALA LUMPUR (June 19): UEM Sunrise Bhd has acquired a prime development site at Collingwood, Melbourne, Australia for A$43 million (RM126 million) from Jowett Properties, the developer announced today.

The 5,390 sq m inner east site will be transformed into a mixed-use development, it said in a statement. The site is currently home to a Melbourne auto dealership.

“Following the success of our Aurora Melbourne Central and Conservatory projects, the acquisition of the landmark Collingwood site signals a new chapter in Melbourne for UEM Sunrise and continues our active presence in the Australian market,” said UEM Sunrise managing Director and CEO Anwar Syahrin Abdul Ajib.

He added that Collingwood has evolved into a go-to residential and commercial precinct, thanks to its close proximity to the CBD, vibrant café culture and wonderful sense of community.

“UEM Sunrise looks forward to bringing our development expertise and vision to the area, to deliver quality residences and commercial spaces for the Melbourne growing population and help stimulate job creation via the project’s delivery,

“The Melbourne commercial and residential sector continues to remain strong despite challenges presented from the global Covid-19 pandemic, with the Victorian Government committed to ongoing development and approval of shovel-ready projects. We are optimistic when it comes to strategic and well positioned opportunities,” said Anwar.

The sale was brokered by Oliver Hay and Peter Bremner from Colliers International in conjunction with Raff De Luise from ICR.

“This acquisition is a perfect example that well known and sophisticated capital remain active and see positive fundamentals in both the Melbourne residential and commercial property markets,” Hay noted. 

The developer recently completed its A$800 million Aurora Melbourne Central, located in the Melbourne CBD. The residential component of the project saw 95% of its stock selling out within two weeks of launch and 100% of the project sold prior to completion. Aurora Melbourne Central also achieved a 98 % settlement rate for its residences to date.