UEM Sunrise Berhad has announced that it has acquired its first residential development site in Subiaco East in Perth, Western Australia for AUD$22.185 million and will deliver two landmark apartment buildings.
The developer purchased Lots 1 and 2 of The Oval precincts at Subiaco East from DevelopmentWA as part of the state’s most significant urban redevelopment projects at the iconic former Subiaco Oval. Subiaco is a verdant suburb known for its eclectic architecture, quaint, leafy residential streets, premier shopping, and multicultural dining scene.
The upcoming mixed-use residential precinct will comprise the delivery of sleek dual towers with approximately 430 apartments across Lot 1 and Lot 2, subject to development approval with further details to be firmed up. The project will include up to 12% affordable housing as well. Construction is expected to commence in 2026. The acquisition in Perth signifies the Company’s plans to expand its presence in Australia.
UEM Sunrise Chief Executive Officer Sufian Abdullah said: “We are delighted to work with DevelopmentWA on this landmark project as our first venture in Western Australia’s residential market.”
The 4,930m2 site is located just 2km from Perth’s thriving CBD on Subiaco Road and Haydn Bunton Drive. Within walking distance of the Subiaco entertainment precinct and West Leederville neighbourhood, it is surrounded by approximately seven hectares of public open space. The Subiaco Train Station and West Leederville Train Station are only a short eight-minute walk away, offering easy connectivity to the CBD, airport and surrounding suburbs.
In June 2023, the Company partnered with Greystar Real Estate Partners to develop the first “build-to-rent” (BTR) project in the inner-Melbourne suburb of Collingwood, and by a Malaysian developer in Australia. The transaction value was approximately AUD$277.3 million. The proposed development will include approximately 400 apartment units across
two buildings and will feature extensive amenities and services for residents.
