PETALING JAYA: UEM Sunrise Bhd
has secured an investor for its AU$315.4mil (RM903.3mil) build-to-rent (BTR) project in Collingwood, Melbourne via its wholly-owned subsidiary, UEM Sunrise (Collingwood Development) Pty Ltd.
In a statement yesterday, UEM Sunrise said this marked a key step forward in progressing the development that will deliver over 400 new homes in one of the city’s most supply-constrained rental markets.
The development will be backed by Australian living-sector specialist Kio Investment Management, a joint venture between US private equity firm, Warburg Pincus, and long-term Australia industry specialist, Sam Bisla.
UEM Sunrise said it will serve as the developer and delivery partner, while Kio will be the investor and owner-operator. Early construction works for the Collingwood BTR project are expected to commence towards end-2026, with completion targeted for 2030.
UEM Sunrise added the 0.54ha site at 21-53 Hoddle Street, located just 3.5km from Melbourne’s Central Business District, will feature two buildings comprising a mix of studio, one, two and three-bedroom apartments.
The development will also include a public town square with food and beverage offerings, retail spaces, essential services and landscaped greenery.
