KUALA LUMPUR: UEM Sunrise Bhd has acquired its first residential development site in Subiaco East in Perth, Western Australia, for A$22.19mil, which will pave the way for the delivery of two apartment buildings.

In a statement, the property developer said it had purchased Lots 1 and 2 of The Oval precincts at Subiaco East from DevelopmentWA.

Its development of a mixed-used residential precinct will comprise the delivery of dual towers with about 430 apartments across the two lots, subject to development approval.

UEM Sunrise said affordable housing will make up 12% of the project. Construction of the development is expected to begin in 2026.

“We have been actively looking at investing in Perth for some time – with strong fundamentals underpinning the economy, a lower housing entry point compared to other capital cities, and some of the best prospects for capital gains in Australia – this development represents a fantastic opportunity to deliver new housing supply at scale and generate greater investment for the city.

"We look forward to working with DevelopmentWA, local stakeholders and the community on next steps for this exciting project,” said UEM Sunrise CEO Sufian Abdullah.

According to DevelopmentWA acting CEO Dean Mudford, the project is a major milestone for one of Western Australia’s most significant redevelopment projects, which will deliver much-needed new housing supply and support the revitalisation of the Subiaco town centre and West Leederville activity centre.

Source: The Star