KUALA LUMPUR, Aug 15 — UEM Sunrise Bhd has acquired its first residential development site in Subiaco East in Perth, Western Australia for A$22.18 million about RM66.39 million.
In a statement today, the company said it purchased Lots 1 and 2 of The Oval precincts at Subiaco East from DevelopmentWA as part of the state’s most significant urban redevelopment projects at the iconic former Subiaco Oval.
The upcoming mixed-use residential precinct will comprise the delivery of sleek dual towers with approximately 430 apartments across Lot 1 and Lot 2, subject to development approval with further details to be firmed up. It will include up to 12 per cent affordable housing and construction is expected to commence in 2026.
UEM Sunrise said the land acquisition in Perth signifies the company’s plans to expand its presence in Australia.
“We have been actively looking at investing in Perth for some time – with strong fundamentals underpinning the economy, a lower housing entry point compared to other capital cities, and some of the best prospects for capital gains in Australia,” said UEM Sunrise chief executive officer Sufian Abdullah.
“The new development represents a fantastic opportunity to deliver new housing supply at scale and generate greater investment for the city.”
The proposed development marks UEM Sunrise’s fourth milestone in its expansion in the Australian market after the completion of its projects, namely Aurora Melbourne Central, the tallest integrated mega tower in the central business district of the city, and the Conservatory mixed development, also located in Melbourne.
—Bernama
