- Located on Subiaco Road and Haydn Bunton Drive.
- To become circa 430 apartments, 12% of which will be affordable housing.
- This is UEM Sunrise's first Australian acquisition outside of Melbourne.
One of Malaysia’s leading property developers, UEM Sunrise Berhad, has acquired Lots 1 and 2 of The Oval precinct at Subiaco East from DevelopmentWA for $22.185 million; the sites are part of the urban redevelopment at the iconic former Subiaco Oval.
The company is part of UEM Group, a wholly-owned subsidiary of Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad.
UEM Sunrise’s Subiaco acquisition will be the company’s first Australian acquisition outside of Melbourne. The two completed Melbourne developments are Aurora Melbourne Central and Conservatory. UEM Sunrise also announced in June this year that it is partnering with Greystar Global to deliver a build-to-rent project in Collingwood.
First venture into WA’s residential market
Plans for the upcoming mixed-use residential precinct will include the delivery of sleek dual towers with approximately 430 apartments across Lot 1 and Lot 2, subject to development approval.
The project will also include up to 12% affordable housing, with construction expected to commence in 2026.
“We are delighted to work with DevelopmentWA on this landmark project as our first venture in Western Australia’s residential market,” said UEM Sunrise CEO, Sufian Abdullah.
“Following the success of our projects in Melbourne, we are also pleased to be able to bring our local and global expertise to deliver a high-quality residential precinct that will complement Subiaco Oval’s rich heritage and landscape.”
Abduallh added that UEM Sunrise had been actively looking at investing in Perth for some time, with attractions to the city including 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.
DevelopmentWA acting chief executive officer, Dean Mudford, said this is a major milestone for one of WA’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.
“Having delivered over 1,650 apartments in Melbourne, UEM Sunrise has demonstrated its commitment to delivering diverse, quality homes in Australia. The design concepts presented for Lots 1 and 2 at The Oval incorporate elements that celebrate the rich history of Subiaco and will complement the public realm around the iconic Subiaco Oval.
“We are delighted that UEM Sunrise has successfully secured this opportunity and look forward to working with them on bringing this project to life,” he said.
