KUALA LUMPUR: UEM Sunrise Bhd’s unit is selling a block of serviced apartments in Melbourne for A$120mil or RM370.80mil to Ascendas Hospitality Trust.
UEM Sunrise’s unit UEMS LaTrobe had on Thursday signed the agreement to dispose of the serviced apartments component of the La Trobe Street mixed-use development, Aurora Melbourne Central.
The Malaysian property developer said the component was a 252-unit serviced apartment forming part of the 92-storey mixed-use development comprising 941 residential apartments, retail and office space and car parks to be constructed by UEMS LaTrobe.
“Aurora Melbourne Central mixed-use development is UEM Sunrise’s maiden project in Australia with a gross development value (GDV) of A$770mil. The construction of the project has commenced, with the official ground-breaking ceremony held on Sept 21, 2015. Completion of Aurora Melbourne Central is scheduled for 2019,” it said.
UEM Sunrise said as the tallest building in Melbourne’s CBD, with an enviable location and unrivalled connectivity to transport networks, the 92-storey development comprises more than 120,000 square metres of built-up area and includes 941 residential apartments, signature retail spaces, strata offices as well as the 252-room serviced apartments.
Aurora Melbourne Central is located in the heart of Melbourne, which is a major corporate centre while also renowned for its extensive annual calendar of festivals, exhibitions and major sporting events. Upon completion, the development will have direct access to Melbourne Central Railway Station as well as Melbourne Central Shopping Centre across the road. The new CBD North station of Melbourne Metro will be located next to the project site.
UEM Sunrise managing director/CEO Anwar Syahrin Abdul Ajib said UEM Sunrise was pleased to have inked this agreement with Ascendas Hospitality Trust for the serviced apartments at Aurora Melbourne Central.
“It is a resounding win for UEM Sunrise and Ascendas Hospitality Trust, which enables both parties to create a sustainable business environment. Ascendas Hospitality Trust has an impressive portfolio of hospitality assets in the Asia Pacific Region and we look forward to the serviced apartments at Aurora Melbourne Central becoming one of the Ascendas Hospitality Trust’s most significant assets.
“This is not UEM Sunrise’s first strategic collaboration with the Ascendas Group. We are collaborating on a 60:40 joint venture with Ascendas Group to develop an integrated eco-friendly 519-acre Nusajaya Tech Park in Iskandar Malaysia, and Phase 1 is scheduled to be completed next year,” Anwar Syahrin added.
