UEM Sunrise launches 3rd Melbourne residential project

KUALA LUMPUR, 21 July 2017:

UEM Sunrise Bhd launched its third project in Melbourne, Australia – Mayfair, with a gross development value (GDV) of about RM1 billion.

Managing director/chief executive officer Anwar Syahrin Abdul Ajib said construction on the single-phase residential project would start in the first quarter of next year and scheduled for completion in the second quarter of 2021.

“This project will continue UEM Sunrise’s prodigious presence in Melbourne following our two successful developments. We want to create the next landmark with an equally innovative and spectacular development that redefines luxury.

“Today, luxury is less about material objects and more about unique experiences, personalisation and sense of place.”

Mayfair offers 158 bespoke residences with layouts of one to five bedrooms, built-ups from 750 sq ft to 6,000 sq ft and priced from RM2.44 million to RM43 million.

Once completed, Anwar Syahrin said these three mixed-use developments would have an estimated combined value of RM4.88 billion.

He said that the group’s maiden venture in Melbourne, namely Aurora Melbourne Central, consisting of 92-storey high-rise mixed-use development, was launched in 2014 and to date was 30% completed and sold out.

The second project in Melbourne, Conservatory, comprising 446 apartments contained in a 42-storey tower, is currently 28% completed and had achieved 93% take-up rate, he said.

With a 2.98% population rise in Melbourne last year, Anwar Syahrin said the city is set to overtake Sydney as Australia’s most populous city by 2031 – with demand for high quality and well-connected accommodation expected to rise.

“This, along with a combination of factors including low interest rates, attractive yields and favourable exchange rate, has driven our interest in the Australian real estate market.”

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