PETALING JAYA: UEM Sunrise Bhd
has tied up with Greystar Real Estate Partners LLC to develop a build-to-rent (BTR) project worth A$277mil (RM881mil) in the inner-Melbourne suburb of Collingwood.
UEM Sunrise is the first local developer to do a BTR project in Australia in a bid to strengthen the group’s presence there.
In a statement yesterday, UEM Sunrise noted the agreement will see Greystar be the investor and eventual owner-operator of the proposed BTR development through a fund-through structure while UEM Sunrise act as the developer and delivery partner.
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 in a statement yesterday.
The BTR projects are developed and built to target the rental market while Greystar is a leader in the investment, development and management of rental housing.
Designed specifically for long term renters, BTR developments create a sense of community living and provide diverse housing options for occupiers.
Such homes allow its residents to stay within a neighbourhood that fits their preferences, needs, and lifestyle without being tied down by the burden of owning a home, UEM Sunrise added.
The proposed development, situated at 21-53 Hoddle Street, is expected to have 400 apartment units across two buildings, with a mix of studios and one-bedroom, two-bedroom and three-bedroom apartments suitable for multi-generational living.
The new project marks UEM Sunrise’s third milestone in its expansion in the Australian market following the completion of the group’s flagship projects, Aurora Melbourne Central and Conservatory, in Melbourne, Australia.
Planning documents are expected to be submitted in July and subject to planning and approval. The construction is anticipated to commence in mid-late 2024 and will take about three years, UEM Sunrise said.
UEM Sunrise completed the purchase of the site at 21-53 Hoddle Street in Collingwood from Jowett Properties in March 2021.
