By Sharen Kaur
sharen@mediaprima.com.my
MELBOURNE: UEM Sunrise Bhd, Malaysia's largest property development company by market capitalisation, is allocating up to A$100 million (RM306 million) to acquire two new prime sites in Australia.
Business Times understands that the company is eyeing strategic sites in Melbourne and Sydney with the deals expected to be completed next year.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said recently that Australia would remain a major long-term market for the luxury property developer.
He expects overseas projects to contribute between 10 and 20 per cent to company's revenue starting next year, led by Australia.
In less than two years, UEM Sunrise had acquired three sites on LaTrobe Street, Mackenzie Street and St Kilda Road in Melbourne for A$123 million.
The three projects are expected to generate a combined gross development value (GDV) of A$1.32 billion over four years up to 2019.
UEM Sunrise will develop Aurora Melbourne Central (GDV: A$770 million), Conservatory (GDV: A$320 million) and St Kilda (GDV: A$230 million) on LaTrobe Street, Mackenzie Street and St Kilda Road, respectively.
The developer launched Conservatory in the Melbourne CBD last week, following a ground-breaking ceremony for Aurora Melbourne Central.
Aurora Melbourne Central with 941 units of apartments is fully sold, while less than 30 per cent of the 446 units at Conservatory remain since its global launch last month.
The third project, St Kilda, will be launched next year.
sharen@mediaprima.com.my
MELBOURNE: UEM Sunrise Bhd, Malaysia's largest property development company by market capitalisation, is allocating up to A$100 million (RM306 million) to acquire two new prime sites in Australia.
Business Times understands that the company is eyeing strategic sites in Melbourne and Sydney with the deals expected to be completed next year.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said recently that Australia would remain a major long-term market for the luxury property developer.
He expects overseas projects to contribute between 10 and 20 per cent to company's revenue starting next year, led by Australia.
In less than two years, UEM Sunrise had acquired three sites on LaTrobe Street, Mackenzie Street and St Kilda Road in Melbourne for A$123 million.
The three projects are expected to generate a combined gross development value (GDV) of A$1.32 billion over four years up to 2019.
UEM Sunrise will develop Aurora Melbourne Central (GDV: A$770 million), Conservatory (GDV: A$320 million) and St Kilda (GDV: A$230 million) on LaTrobe Street, Mackenzie Street and St Kilda Road, respectively.
The developer launched Conservatory in the Melbourne CBD last week, following a ground-breaking ceremony for Aurora Melbourne Central.
Aurora Melbourne Central with 941 units of apartments is fully sold, while less than 30 per cent of the 446 units at Conservatory remain since its global launch last month.
The third project, St Kilda, will be launched next year.
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