KUALA LUMPUR, 3 August 2015 – UEM Sunrise Berhad (“UEM Sunrise” or the “Company”), one of Malaysia’s top property developers, has completed another prime acquisition in Melbourne, Australia. The purchase of the 21-storey office tower on 412 St Kilda Road is the Company’s third property acquisition in the city, following its purchase of two CBD sites on LaTrobe Street and Mackenzie Street in October 2013.
The Company’s AUD$58 million acquisition (approximately RM161 million) for the 16,000 square metres office tower is located at a strategic corner site of St Kilda Road, one of the main routes into the Melbourne CBD. It is currently occupied by the Victorian Police and will be vacated after mid-2016. The intention of this acquisition is to develop an unprecedented ultra-luxurious residential development, potentially with a mix of ground floor retail and serviced apartment components. The Company will continue to evaluate the market condition in order for the development to meet future market demands.
Located directly in front of a tram stop along the famed tree-lined St Kilda Road about 2km south east of CBD, the acquired property is a corner building offering triple street frontages with breathtaking panoramic views to the Melbourne CBD, Royal Botanic Gardens, Shrine of Remembrance, Albert Park and Port Phillip Bay. The property is an easy reach to the cosmopolitan lifestyle of the Melbourne CBD whilst simultaneously offers the tranquility of the surrounding parks.
Anwar Syahrin Abdul Ajib, Managing Director/Chief Executive Officer of UEM Sunrise said, “The decision to acquire the 412 St Kilda Road site is part of our strategy to ensure steady flow of overseas projects. The property is in a different location from the two core CBD sites we currently own. Being in the city fringe, it promises a different lifestyle and thus, will appeal to a different market segments. With the overwhelming sales of our maiden venture, Aurora Melbourne Central’s residential units last year, and the impending launch of our second project, Conservatory on Mackenzie Street in the upcoming months, this acquisition is timely and will strengthen the momentum of our pipeline projects in Melbourne.”
With the strong economic fundamentals of Australia and the steady population growth in Melbourne of 1,800 people per week based on the Australian Bureau of Statistics figures released in March 2015, translating easily into a housing demand of almost 900 units per week, the World’s Most Liveable City remains a key focus of the Company in strengthening its overseas portfolio.
Apart from Melbourne, the Company is also actively pursuing development opportunities in other key cities in Australia such as Sydney as well as in London, United Kingdom. The Company currently also have presence in Vancouver, Canada and retains a land bank in Durban, South Africa. It is also the appointed Project Manager (Marketing) for M+S Pte Ltd (a development company owned by Khazanah and Temasek) for its Marina One and DUO mixed-use developments in Singapore.