“We have been actively looking at investing in Perth for some time," said Sufian.
PETALING JAYA: UEM Sunrise Bhd
has acquired its first residential development site in Subiaco East in Perth, Western Australia for A$22.18mil (RM66.39mil).
In a statement, the company said it purchased Lots 1 and 2 of The Oval precincts at Subiaco East from DevelopmentWA as part of the state’s most significant urban redevelopment projects at the iconic former Subiaco Oval.
The upcoming mixed-use residential precinct will comprise the delivery of sleek dual towers with approximately 430 apartments across Lot 1 and Lot 2.
This is subject to development approval with further details to be firmed up.
It will include up to 12% affordable housing and construction is expected to commence in 2026.
UEM Sunrise said the land acquisition in Perth signified the company’s plans to expand its presence in Australia.
“We have been actively looking at investing in Perth for some time.
“This is due to strong fundamentals underpinning its economy, a lower housing entry point compared to other capital cities and some of the best prospects for capital gains in Australia,” said UEM Sunrise chief executive officer Sufian Abdullah in the statement.
“The new development represents a fantastic opportunity to deliver new housing supply at scale and generate greater investment for the city,” he added.
The proposed development marked UEM Sunrise’s fourth milestone in its expansion in the Australian market after the completion of its projects.
These projects include Aurora Melbourne Central, the tallest integrated mega tower in the central business district of the city, and the Conservatory mixed development, also located in Melbourne
Shares of UEM Sunrise closed 0.5 sen up to 57 sen yesterday, with 60.4 million shares trading hands. — Bernama
