MELBOURNE: UEM Sunrise Bhd remains bullish on prospects in Australia despite the interim planning controls gazetted by the Victorian Government two months ago to control supply.
Managing director and chief executive officer Anwar Syahrin Abdul Ajib said the company will continue to look for land to acquire in Melbourne and Sydney in its bid to be a long term player in Australia.
The Victorian Government gazetted new interim planning controls for the CBD and parts of Southbank, including building height and the re-introduction of plot ratios.
"We aim to be a long term player in Australia...we are already looking at several sites in Melbourne and Sydney," he said at the groundbreaking of UEM Sunrise's maiden project, Aurora Melbourne Central, here this morning.
Over the last two years UEM Sunrise had acquired three sites in Melbourne for a collective A$122 million. It acquired a 0.4ha site on LaTrobe Street, a 0.4ha site on Mackenzie Street and a 21-storey office tower on 412 St Kilda Road.
Aurora Melbourne Central, which has a GDV of A$770 million is a massive skyscraper with 92 floors and the city's largest to date. It comprises 941 serviced apartments set behind a soaring double-glazed glass exterior with sophisticated coating system with underground retail.
The apartments were sold from A$395,000 (one-bedroom unit) to more than A$1.6 million (three-bedroom unit) and buyers were mainly from Malaysia, Australia, China, Hong Kong, Indonesia and Singapore.
Attracting buyers was the project's inherent prized qualities accorded by its superb location, excellent connectivity and accessibility.
Aurora Melbourne Central is Melbourne's only residential development with direct underground connection to the rail network, the Melbourne Central Station as well as the CBD's largest continuous retail precinct comprising Melbourne Central Shopping Centre, Emporium, Myer, David Jones, GPO and the Bourke Street Mall.
The development is centrally located on La Trobe Street, in the heart of Melbourne's CDB with all the convenience at its doorstep including University of Melbourne, Melbourne Institute of Technology, RMIT University, State Library of Victoria, Etihad Stadium and the former Melbourne Mint.
"In two to three weeks we achieved 95 per cent sales for Aurora Melbourne Central when we launch it last year. Today, the project is fully sold.
At 92-floors, we will be the tallest residential tower in the Melbourne CBD area. We started works on the project last month and the apartments will be completed by the end of 2017. The whole development will be completed in 2019," said Anwar.
Besides the 941 residential units, Aurora Melbourne Central also comprises 250 serviced apartments, signature retail spaces, strata offices, about 300 car park bays and 780 bikes spaces.
“Australian builder Probuild Construction was appointed to erect the 92-storey tower,” he said.