KUALA LUMPUR, June 19 — UEM Sunrise Bhd has acquired a prime development site at 21-53 Hoddle Street, Collingwood, Melbourne for A$43 million (RM126.1 million).
The company, in a statement today, said the 5,390-square metre inner east site, which is currently home to a Melbourne auto dealership, was purchased from Jowett Properties and will be transformed into a mixed-use development.
Managing director and chief executive officer Anwar Syahrin Abdul Ajib said the acquisition of the landmark Collingwood site signals UEM Sunrise’s new chapter in Melbourne and continuation of its active presence in the Australian market following the success of its Aurora Melbourne Central and Conservatory projects.
“There’s no doubt that Collingwood has evolved into a go-to residential and commercial precinct, thanks to its close proximity to the central business district (CBD), vibrant café culture and wonderful sense of community.
“UEM Sunrise looks forward to bringing our development expertise and vision to the area, delivering quality residences and commercial spaces for Melbourne’s growing population and helping stimulate job creation via the project’s delivery,” said Anwar Syahrin, adding that the new site forms part of a broader expansion strategy for UEM Sunrise.
He said the Melbourne commercial and residential sector continues to remain strong despite challenges posed by Covid-19, with the Victorian government committed to ongoing development and approval of shovel-ready projects.
“We are optimistic when it comes to strategic and well-positioned opportunities,” he said.
UEM Sunrise, one of Malaysia’s leading property developers, most recently completed its A$800 million flagship Australian project, Aurora Melbourne Central in the Melbourne CBD.
The residential component of the project had strong sales success, with 95 per cent of stock selling out within two weeks of launch and 100 per cent of the project sold prior to completion.
Aurora Melbourne Central also achieved a 98 per cent settlement rate for its residences to date. — Bernama
