Commenting on the financial results, UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib said the company
KUALA LUMPUR: UEM Sunrise Bhd
launched its third project in Melbourne, Australia, called Mayfair, with a gross development value (GDV) of about RM1bil.
Managing director and CEO Anwar Syahrin Abdul Ajib said construction of the single-phase residential project would start in the first quarter of next year and is scheduled for completion in the second quarter of 2021.
"This project will continue UEM Sunrise's prodigious presence in Melbourne following our two successful developments. We want to create the next landmark with an equally innovative and spectacular development that redefines luxury.
"Today, luxury is less about material objects and more about unique experiences, personalisation and sense of place," he told reporters after the launch of the project in Kuala Lumpur on Friday.
Mayfair offers 158 bespoke residences with layouts of one to five bedrooms, built-ups from 750 to 6,000 sq ft and prices from RM2.44mil to RM43mil.
Once completed, Anwar Syahrin said, the three mixed-use developments would have an estimated combined value of RM4.88bil.
He said the group's maiden venture in Melbourne, namely Aurora Melbourne Central, consisting of 92-storey high-rise mixed-use development, was launched in 2014 and to date was 30% complete and sold out.
The second project in Melbourne, Conservatory, comprising 446 apartments in a 42-storey tower, is currently 28% complete and had achieved 93% take-up rate, he said.
With 2.98% population rise in Melbourne last year, Anwar Syahrin said the city was set to overtake Sydney as Australia's most populous city by 2031, where demand for high quality and well connected accommodation was expected to rise.
"This, along with a combination of factors including low interest rates, attractive yields and favourable exchange rate, has driven our interest in the Australian real estate market," he added. - Bernama
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