KUALA LUMPUR: UEM Sunrise Bhd has completed the acquisition of its first residential development site in Subiaco East in Perth, Western Australia worth A$22.18 million.
The company expects to set up two landmark apartment buildings on the site.
UEM Sunrise, in a statement today, said the acquisition marks the company's plans to expand its presence in Australia.
The acquisition consists of the purchase of Lots One and Two of The Oval precincts at Subiaco East from DevelopmentWA, which is also part of the state's most significant urban redevelopment project at Subiaco Oval.
The 4,930m2 site is located just 2km from Perth's thriving central business district on Subiaco Road and Haydn Bunton Drive.
UEM Sunrise said the upcoming mixed-use development residential project will feature dual towers with around 430 apartments spanning across Lots One and Two of which are subject to development approval and other details to be confirmed.
Up to 12 per cent of affordable housing will be incorporated in the project as well and the construction is set to kick off in 2026.
Chief executive officer Sufian Abdullah said the landmark project signifies its first venture in Western Australia's residential market.
"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 the next steps for this exciting project," he said.
DevelopmentWA acting chief executive officer Dean Mudford said this is a major milestone for one of its most significant redevelopment projects, which will deliver much-needed new housing supply in the area.
"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," he added.