Artist's Impression of UEM Sunrise's BTR project in Collingwood.
PETALING JAYA: UEM Sunrise Bhd has partnered up with Greystar Real Estate Partners, LLC to develop the first Build-to-Rent (BTR) project in the inner-Melbourne suburb of Collingwood.
Under the agreement, Greystar will be the investor and eventual owner-operator of the proposed BTR development while UEM Sunrise will be the developer and delivery partner in a fund-through structure, with the transaction value estimated at AUD277mil (RM872.42mil).
“Moving into Melbourne’s burgeoning Build-to-Rent market marks a new chapter for UEM Sunrise, as we continue our active expansion in the Australian market. We have seen significant demand for Build-to-Rent projects as people seek out more housing options, as well as the sense of a long-term community. Melbourne has just become Australia’s most populated city, which has made it the right place for UEM Sunrise to invest in the asset class,” said UEM Sunrise chief executive officer Sufian Abdullah.
The proposed development is UEM Sunrise’s third milestone in its expansion in the Australian market, after the completion of its flagship projects - Aurora Melbourne Central and Conservatory. Aurora Melbourne Central is the tallest integrated mega tower in the central business district of Melbourne, blending residential apartments with residents-only amenities, strata office suites and retail offerings. Conservatory is a mixed development.
This is the first BTR project by a Malaysian developer in Australia, in a bid to strengthen the group’s presence there. Situated at Hoddle Street, the proposed development is expected to include approximately 400 apartment units across two buildings, with a mix of studios and one-, two- and three-bedroom apartments suitable for multi-generational living.
The proposed development will also feature extensive common facilities and services for residents including a swimming pool, gym, movie room, wellness and entertainment spaces, bike parking, electric vehicle charging stations, concierge, and co-working spaces.
In line with UEM Sunrise and Greystar commitment to sustainability and creating healthy, high-quality communities, extensive new green space and landscaped areas will be delivered across the 58,017 sq ft site.
Planning documents are expected to be submitted in July 2023, and subject to planning and approval, construction is anticipated to commence in mid-late 2024 and take approximately three years.
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