This article is from the Australian Property Journal archive
MALAYSIAN-listed developer UEM Sunrise has entered the residential Subiaco East market in Perth, acquiring its first development site in the city for $22.185 million.
UEM Sunrise’s first Australian acquisition outside of Melbourne comprises Lots 1 and 2 of The Oval precinct at Subiaco East from DevelopmentWA, which are part of the state’s most significant urban redevelopment at the former Subiaco Oval.
“We are delighted to work with DevelopmentWA on this landmark project as our first venture in Western Australia’s residential market,” said Sufian Abdullah, CEO at UEM Sunrise.
“Following the success of our projects in Melbourne, we are also pleased to be able to bring our local and global expertise to deliver a high-quality residential precinct that will complement Subiaco Oval’s rich heritage and landscape.”
The company plans to deliver two landmark apartment buildings in the mixed-use residential precinct, including approximately 430 apartments, with up to 12% affordable housing on the 4,930sqm site.
“Having delivered over 1,650 apartments in Melbourne, UEM Sunrise has demonstrated its commitment to delivering diverse, quality homes in Australia,” said Dean Mudford, acting CEO at DevelopmentWA.
“The design concepts presented for Lots 1 and 2 at The Oval incorporate elements that celebrate the rich history of Subiaco and will complement the public realm around the iconic Subiaco Oval.”
The development site is located on Subiaco Road and Haydn Bunton Drive and sits two kilometres out from the Perth CBD, as well walking distance from the Subiaco entertainment precinct and West Leederville neighbourhood.
As well as being surrounded by around seven-hectares of public open space, the site is an eight minute walk away from Subiaco Train Station and West Leederville
“We have been actively looking at investing in Perth for some time – with strong fundamentals underpinning the economy, a lower housing entry point compared to other capital cities, and some of the best prospects for capital gains in Australia, this development represents a fantastic opportunity to deliver new housing supply at scale and generate greater investment for the city,” added Abdullah.
“We look forward to working with DevelopmentWA, local stakeholders and the community on next steps for this exciting project.”
Construction on UEM Sunrise’s Subiaco East residential project is set to commence in 2025, subject to development approval.
