KUALA LUMPUR: UEM Sunrise Bhd has received planning approval for a US$277.8 million (RM1.2 billion) build-to-rent development, the first of its kind in Collingwood Melbourne, Australia.
In a statement today the property developer said it received planning permit approval from the Minister for Planning via the State Government's planning approval pathway.
Located just 3.5km from the Melbourne central business district, the 0.54ha site situated in the eastern entry point of Collingwood offers 407 apartments across two buildings of 16 and 18 storeys.
The mix includes studios, as well as one to three-bedroom units.
The ground floor will be activated with 0.13ha of retail space, pedestrian laneways and over 0.1ha of public and semi-private courtyard designed for vibrant community activities or quiet relaxation.
In June 2023, the UEM Sunrise entered into a partnership agreement with Greystar, a global real estate specialist in build-to-rent assets.
UEM Sunrise is the developer and delivery partner for the project, with Greystar as the investor and owner-operator via afund-through structure.
Construction of the development is expected to start in early to-mid 2026.
"This development represents an important step forward for Collingwood and its future residents, providing critical new housing options in a market that desperately needs them," Sunrise CEO Sufian Abdullah said in the statement.
"We have over a decade of presence and experience in Australia, and build-to-rent is an opportunity for us to diversify our portfolio here. We are pleased to be partnering with an experienced operator like Greystar, particularly when presenting a relatively new and unique product offering for Melbourne," he added.