UEM Sunrise sells Melbourne property for RM354.6mil

  • Property
  • Friday, 22 Nov 2019

KUALA LUMPUR: UEM SUNRISE BHD has entered into a deal to sell part of its Aurora Melbourne Central project - the property developer's second major transaction in the Australian city this month.

UEM Sunrise, in a filing with Bursa Malaysia today, it has entered into a contract to sell 252 units of serviced apartments, as well as parking lots and a portion of the ground retail floor at the mixed used development for AU$125mil, or RM354.6mil.

"The disposal allows the group the ability to monetise the completed Aurora Melbourne Central components allowing it to pursue further property development opportunities," it said.

Last week, UEM Sunrise sold a 21-storey building in Melbourne for AU$107mil. It bought the property in May 2016 for AU$58mil.

The serviced apartments is part of the Aurora Melbourne Central, a mixed-use development located in central Melbourne.

The proposed disposal is expected to be completed in the second quarter of 2020. UEM Sunrise said the sale will generate a net disposal gain of AU$18.3mil (RM51.9mil).

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