MELBOURNE: Property developer UEM Sunrise Bhd is targeting to sell off the residential units of its second development project in Australia, the A$320mil (RM990mil) Conservatory, by February next year with strong interest for the remaining units coming from Australian buyers.

To-date, about 65% of the apartments had been sold, mainly to investors from China, Singapore and Malaysia. The group is currently working on promoting the project to Australian, European and Brunei investors.

Chief operating officer (commercial) Raymond Cheah said Australian buyers were expected to take up about 20% of the units.

“We are extremely pleased to have received such a high level of interest from local and international buyers in both the owner-occupier and investor markets looking to benefit from luxury-living and first-class amenities in the World’s Most Liveable City,” UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said at the launch of Conservatory in Melbourne yesterday.

Conservatory is a 42-storey residential development located on Mackenzie Street, Melbourne.

It comprises 446 residential units ranging from one to three-bedroom apartments and penthouses as well as retail space.

Prices for the units start from A$447,000 (RM1.38mil).

“A combination of factors such as the record low interest rates, attractive yields and favourable exchange rates against the Australian dollar has driven our interest in the Australian real estate market,” Anwar said.

The Conservatory is a smaller development compared with UEM Sunrise’s maiden project in Australia – the 92-storey mixed development Aurora Melbourne Central which has a gross development value of A$770mil (RM2.38bil). Aurora, located close by the Conservatory on La Trobe Street, achieved 95% sales within two weeks of its exclusive preview and is now fully-sold. When completed in 2019, Aurora will be the tallest tower in the central business district.