KUALA LUMPUR: UEM Sunrise Bhd has recently completed its third property acquisition in Melbourne, for A$58mil (RM161mil), which it intends to develop into a luxury residential project.

This comes after its purchase of two CBD sites on LaTrobe Street and Mackenzie Street in October 2013.

The property, a 21-storey office building on 412 St Kilda Road, one of the main routes into the Melbourne CBD and spans 16,000 sq m. UEM said it intends to for the property is to develop an “ultra-luxurious” residential development, potentially with a mix of ground floor retail and serviced apartment components.

The building is currently occupied by the Victorian Police and will be vacated after mid-2016. The property has views of the Royal Botanic Gardens, Shrine of Remembrance, Albert Park and Port Phillip Bay.

“The decision to acquire the 412 St Kilda Road site is part of our strategy to ensure steady flow of overseas projects. The property is in a different location from the two core CBD sites we currently own. Being in the city fringe, it promises a different lifestyle and thus, will appeal to a different market segments,” said managing director/chief executive officer Anwar Syahrin Abdul Ajib.

He said the acquisition is timely and would strengthen UEM’s momentum of its pipeline projects in Melbourne.

Besides Melbourne, UEM is also pursuing development opportunities in key cities such as Sydney and London. It also has presence in Vancouver, Canada and has land bank in Durban, South Africa.