UEM Sunrise acquires third Melbourne property for RM161 million

PETALING JAYA (August 3): UEM Sunrise Bhd has completed the acquisition of a 21-storey office tower on 412 St Kilda Road in Melbourne, Australia, for A$58 million (RM161 million).

This is its third in Melbourne following its purchase of two sites on LaTrobe Street and Mackenzie Street in October, 2013, in the city's central business district.

UEM Sunrise plans to redevelop the property into an “unprecedented ultra-luxurious residential development” that may comprise ground floor retail and serviced apartments, it said in a statement today.

“The project is in a different location from the two core CBD (central business district) sites we currently own. Being in the city fringe, it promises a different lifestyle and will appeal to a different market segment,” said UEM Sunrise CEO and MD Anwar Syahrin Abdul Majid.





“With the overwhelming sales of our maiden venture, Aurora Melbourne Central’s residential units last year, and the impending launch of our second project, Conservatory on Mackenzie Street in the upcoming months, this acquisition is timely and will strengthen the momentum of our pipeline projects in Melbourne,” he added.

The office tower comprises 16,000 sq m of space and is located on the strategic part of St Kilda Road, one of the main routes into the CBD.

The office tower is currently occupied by the Victorian Police and will be vacated after mid-2016.

Aside from Melbourne, the company is actively pursuing development opportunities in other key cities in Australia, such as Sydney, as well as London in the UK.

UEM Sunrise Bhd has a presence in Vancouver, Canada and retains a land bank in Durban, South Africa.