Greystar Australia managing director Chris Key (left) and UEM Sunrise chief executive officer Sufian Abdullah (right).
KUALA LUMPUR: UEM Sunrise Bhd
has partnered up with Greystar Real Estate Partners, LLC to develop a build-to-rent (BTR) project in the inner-Melbourne suburb of Collingwood.
UEM Sunrise is the first local developer to do so in Australia.
In a statement, the developer said the agreement will see Greystar as the investor and eventual owner-operator of the proposed BTR development through a fund-through structure, with UEM Sunrise as the developer and delivery partner.
The upcoming project's value of the transaction is approximately A$277mil (RM881mil)
UEM Sunrise chief executive officer Sufian Abdullah said the demand for BTR projects is significant as people seek out more housing options and the sense of a long-term community.
“Moving into Melbourne’s burgeoning BTR market marks a new chapter for UEM Sunrise, as we continue our active expansion in the Australian market. Melbourne has just become Australia’s most populated city, which has made it the right place for UEM Sunrise to invest in the asset class,” he said.
Situated at 21-53 Hoddle Street (and subject to planning approval), the proposed development is expected to include approximately 400 apartment units across two buildings, with a mix of studios and one-, two- and three-bedroom apartments suitable for multi-generational living.
UEM Sunrise said the proposed development will also feature extensive common facilities and services for residents including swimming pool, gym, movie room, wellness and entertainment spaces, bike parking, electric vehicle charging stations, concierge, and co-working spaces.
“Planning documents are expected to be submitted in July 2023, and subject to planning and approval, construction is anticipated to commence in mid-late 2024 and take approximately three years.
“UEM Sunrise completed the purchase of the site at 21-53 Hoddle Street in Collingwood from Jowett Properties in March 2021,” it said.
