By Sharen Kaur
Published in NST on November 23, 2013
Published in NST on November 23, 2013
LAUNCH BY END-2014: Melbourne chosen for its strong economic fundamentals and growth prospects
UEM Sunrise Bhd will launch two projects in Melbourne, Australia, worth a combined A$1 billion (RM3.02 billion) by end-2014.
This is a key development for UEM Sunrise as the Australian venture is the group's first overseas foray as a combined entity.
UEM Sunrise is a merger between Sunrise Bhd and UEM Land Holdings Bhd, which took place in early 2011.
It has ongoing developments in Canada and Singapore, but those were projects held by Sunrise prior to the merger.
Chief operating officer Raymond Cheah said UEM Sunrise is eyeing more
sites in Melbourne and Sydney because of their strong economic
fundamentals and growth prospects.
"We decided on Melbourne first as there is high population growth rate, with 1,750 people moving to the city every week. The occupancy rate for apartments in Melbourne is about 97 per cent.
"The student population is also growing, helped by major universities set up in the city. We expect a lot of Malaysians investing in our two projects," Cheah told Business Times in an interview recently.
Last month, UEM Sunrise bought a 0.4ha site each in LaTrobe Street and Mackenzie Street, located within Melbourne's central business district, for a combined A$65 million.
The project in Mackenzie Street is expected to have around 388 units of one-, two- and three-bedroom apartments compressed into a 35-storey tower, priced from A$400,000 to A$600,000 each.
The LaTrobe Street project will offer around 1,000 units in two towers of more than 60 floors each, sitting above a five-storey retail podium.
Cheah said the tentative selling price for these units will be around A$450,000 and A$650,000 each.
The group had also shortlisted three Australian architectural firms - COX Architectural, Elenberg Fraser, and Fender Katsalidis Architects - to participate in a design competition.
"We will announce the winner on Monday. These are premium residential developments and they must be infused with arts and culture," Cheah said.
He is bullish on the prospect of both projects and expects the majority of the units to be bought by investors, first-time home buyers and empty nesters from Southeast Asia, including Malaysia and Australia.
"Both projects will change the landscape of Melbourne city," Cheah said.
This is a key development for UEM Sunrise as the Australian venture is the group's first overseas foray as a combined entity.
UEM Sunrise is a merger between Sunrise Bhd and UEM Land Holdings Bhd, which took place in early 2011.
It has ongoing developments in Canada and Singapore, but those were projects held by Sunrise prior to the merger.
"We decided on Melbourne first as there is high population growth rate, with 1,750 people moving to the city every week. The occupancy rate for apartments in Melbourne is about 97 per cent.
"The student population is also growing, helped by major universities set up in the city. We expect a lot of Malaysians investing in our two projects," Cheah told Business Times in an interview recently.
Last month, UEM Sunrise bought a 0.4ha site each in LaTrobe Street and Mackenzie Street, located within Melbourne's central business district, for a combined A$65 million.
The project in Mackenzie Street is expected to have around 388 units of one-, two- and three-bedroom apartments compressed into a 35-storey tower, priced from A$400,000 to A$600,000 each.
The LaTrobe Street project will offer around 1,000 units in two towers of more than 60 floors each, sitting above a five-storey retail podium.
Cheah said the tentative selling price for these units will be around A$450,000 and A$650,000 each.
The group had also shortlisted three Australian architectural firms - COX Architectural, Elenberg Fraser, and Fender Katsalidis Architects - to participate in a design competition.
"We will announce the winner on Monday. These are premium residential developments and they must be infused with arts and culture," Cheah said.
He is bullish on the prospect of both projects and expects the majority of the units to be bought by investors, first-time home buyers and empty nesters from Southeast Asia, including Malaysia and Australia.
"Both projects will change the landscape of Melbourne city," Cheah said.
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