UEM Sunrise : Acquires Land in Subiaco East in Perth, Australia, Plans to Deliver Two Landmark Apartment Buildings

Back UEM Sunrise Acquires Land in Subiaco East in Perth, Australia, Plans to Deliver Two Landmark Apartment Buildings

KUALA LUMPUR, 15 August 2023 - UEM Sunrise Berhad ("UEM Sunrise" or the "Company") has acquired its first residential development site in Subiaco East in Perth, Western Australia for AUD$22.185 million and will deliver two landmark apartment buildings.

The Company has 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. Subiaco is a verdant suburb known for its eclectic architecture, quaint, leafy residential streets, premier shopping, and multicultural dining scene.

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. The project will include up to
12% affordable housing as well. Construction is expected to commence in 2026. The acquisition in Perth signifies the Company's plans to expand its presence in Australia.

UEM Sunrise Chief Executive Officer Sufian Abdullah said: "We are delighted to work with DevelopmentWA on this landmark project as our first venture in Western Australia's residential market." He added: "Following the success of our projects in Melbourne, we are pleased to be able to bring our local and global expertise to deliver a high-quality residential precinct that will complement Subiaco Oval's rich heritage and landscape."

Sufian revealed: "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 - this development represents a fantastic opportunity to deliver new housing supply at scale and generate greater investment for the city. We look forward to working with DevelopmentWA, local stakeholders and the community on next steps for this exciting project."

The 4,930m2 site is located just 2km from Perth's thriving CBD on Subiaco Road and Haydn Bunton Drive. Within walking distance of the Subiaco entertainment precinct and West Leederville neighbourhood, it is surrounded by approximately seven hectares of public open space. The Subiaco Train Station and West Leederville Train Station are only a short eight-minute walk away, offering easy connectivity to the CBD, airport and surrounding suburbs.

DevelopmentWA Acting Chief Executive Officer, Dean Mudford, said this is a major milestone for one of WA's most significant redevelopment projects, which will deliver much-needed new housing supply and support the revitalisation of the Subiaco town centre and West Leederville activity centre.

"Having delivered over 1,650 apartments in Melbourne, UEM Sunrise has demonstrated its commitment to delivering diverse, quality homes in Australia. The design concepts presented for Lots 1 and 2 at The Oval incorporate elements that celebrate the rich history of Subiaco and will complement the public realm around the iconic Subiaco Oval.

"We are delighted that UEM Sunrise has successfully secured this opportunity and look forward to working with them on bringing this project to life," he said.

The proposed development marks UEM Sunrise's fourth milestone in their expansion in the Australian market after the completion of their projects - Aurora Melbourne Central, the tallest integrated mega tower in the central business district of the city, blending stunning residential apartments and lavish residents-only amenities with a destination serviced apartment, strata office suites and unique retail offerings; and Conservatory, a mixed development with verdant city living, both located in Melbourne, Australia.

In June 2023, the Company partnered with Greystar Real Estate Partners to develop the first "build-to-rent" (BTR) project in the inner-Melbourne suburb of Collingwood, and by a Malaysian developer in Australia. The transaction value was approximately AUD$277.3 million. The proposed development will include approximately 400 apartment units across two buildings and will feature extensive amenities and services for residents.

More information on the latest project in Subiaco East can be viewed on the Development WA website: www.developmentwa.com.au/projects/residential/subi-east/overview