KUALA LUMPUR (Dec 9): UEM Sunrise Bhd (KL:UEMS) has received planning permit approval for a A$277.8 million (RM784.8 million) build-to-rent development in Collingwood, Melbourne, Australia.

According to a media statement on Monday, UEM Sunrise would be the developer and delivery partner for the project, with Australian property investment firm Greystar as the investor and owner-operator via a fund-through structure.

Located about 3.5km from the Melbourne Central Business District (CBD), the development would be the first of its kind in Collingwood. Situated on a 0.54-hectare site at the eastern entry point, the project will comprise 407 apartments housed across two buildings (16- and 18 storeys), 1,300 square metres (sq m) of retail space, pedestrian laneways, and over 1,000 sq m of public- and semi-private courtyards.

Additionally, 10% of the development will be allocated to affordable housing. The development will also feature 250 sq m of community space on the ground floor, which will be rent-free for a selected non-profit organisation. Construction of the development is expected to commence in early- to mid-2026.

“We recognise the significance of this project for the Collingwood area and its future local residents, adding critical new housing supply at a time when it is already difficult to secure a home in this market,” said UEM Sunrise chief executive officer Sufian Abdullah in the statement.

He added: “We have over a decade of presence and experience in Australia, and build-to-rent is an opportunity for us to diversify our portfolio here. We are pleased to be partnering with an experienced operator like Greystar, particularly when presenting a relatively new and unique product offering for Melbourne”.

Designed by COX Architects, the development features a collection of stepped-form buildings. The use of textural finishes in the façade nods to Collingwood’s industrial past. Facilities include bike parking and electric-vehicle charging stations for residents, swimming pool, gymnasium, movie room, rooftop garden, and more.

Source by: The Edge