This article is from the Australian Property Journal archive
PERTH’S proximity to Asia is making the city attractive to Asian developers keen to capitalise on Australia’s housing shortage.
Malaysian developer UEM Sunrise has acquired two land parcels, Lots 1 and 2 at The Oval, Subiaco East in Perth for $22.185 million in its first foray into the Western Australian market.
The group has submitted development application to develop two mixed-use residential buildings on the 4,930 sqm site.
The proposed $450 million development will comprise 340 apartments and include up to 12% of affordable housing.
The scheme will see two residential buildings on Lot 1 with a tiered height of 25 and 35 stories plus a ground floor, and a 10-storey building plus a ground floor on Lot 2.
The mixed-use development will include communal and garden space on the ground floor as well as 400 sqm of retail space.
The proposed development is the first within the overall Subiaco East Masterplan by DevelopmentWA.
UEM Sunrise CEO Sufian Abdullah said the company has had a significant presence in Australia for many years and this is project in the company’s first venture into WA.
He added that the Subiaco project will be targeted at homeowners.
“This proposed development will create a high-quality residential precinct at an important time in the Western Australia housing market – delivering new housing supply at scale, with more than 340 new homes for a wide range of residents.
“Our unique offering will appeal to home-owners – individuals and families – at different stages in their life, with greater flexibility and opportunity for intergenerational living, work-life integration and connection to a diverse community,” he added.
The Malaysian developer has been active in Melbourne for over a decade, delivering the Aurora Melbourne Central project in the CBD, making a big splash in 2013 with $65.65 million acquisition of 224-252 La Trobe and 9-23 Mackenzie streets to develop Aurora Melbourne Central and the Conservatory, respectively.
UEM planned to develop a Zaha Hadid-designed apartment project, Mayfair, along the famed St Kilda Road boulevard, but shelved the project in 2019, due to a lack of sales at the time.
But the company is reactivating its presence down under keen to capitalise on the housing supply shortage.
UEM Sunrise is planning a develop a 400-unit build-to-rent development in Collingwood with Greystar.
Construction of the Subiaco development is expected to commence in 2026.
