IN less than three years, UEM Sunrise Bhd has launched three luxury residential projects in Melbourne, Australia, with a combined gross development value (GDV) of almost RM5 billion.
Driving UEM Sunrise to Australia are the country’s low interest rates, attractive yields and a favourable exchange rate, coupled with strong demand for luxury housing, said its managing director and chief executive officer Anwar Syahrin Abdul Ajib.
A fourth project can be expected next year as the luxury developer narrows its search on some parcels of land in Melbourne and Sydney, he said at the launch of Mayfair, the company’s third project in Melbourne.
UEM Sunrise’s maiden venture in the Australian city, namely Aurora Melbourne Central, consisting of 92-storey high-rise mixed-use development, was in 2014 and is completely sold.
The second project, Conservatory, comprising 446 apartments in a 42-storey tower, was launched in 2015 and is 93 per cent sold.
Its chief operating officer of commercial, Raymond Cheah, said it was quite magical that the company was able to launch a few projects in Australia over three years.
“We completed the land transaction for Mayfair in July 2016, and a year later we are launching. It is just like the Aurora project. The planning approval in Australia is very structured and that is why we are able to buy land and launch a year later,” Cheah told NST Property in an interview.
Mayfair is expected to be completed by the second quarter of 2021.
He said now was the perfect time to launch the project.
“This product is not affected by the current conditions in the market. It is different. It is not an investment-grade product, but is meant for owner-occupiers.
“Buyers are either Australian citizens or have PR (permanent resident) status, or foreigners who intend to migrate to the country ... So, they are not subjected to any new ruling in Australia like the 2017 stamp duty or foreign duty. That is the beauty of this project,” said Cheah.
Mayfair, with a GDV of RM1.1 billion, is located at 412 St Kilda Road, Melbourne’s most-eminent boulevard.
The building, which is designed by well-known Zaha Hadid Architects, pushes the boundaries in terms of ultra-luxurious living, offering bespoke experiences for sophisticated apartment dwellers with private lift lobbies and a car valet system, among others.
It has 158 bespoke residences of one- to five-bedrooms, ranging from 750 to 6,000 sq ft with prices starting at RM2.44 million.
The most expensive are the penthouses, branded as the Zaha Signature Suites, which sell at RM43 million.
“Mayfair offers a new lifestyle never before seen in Melbourne. We invited Zaha Hadid Architects to design something that showcases Australia. Through its design we are selling unrivalled quality of interior.
“We paid elaborate attention on the space planning. Even the simplest features, like the his-and-hers side of the walk-in-robe and laundry room, are purposefully designed.
“The carefully-considered and capacious floor spaces offer ultimate comfort and enjoyment to the residents,” said Cheah.
Mayfair will be marketed in different geographical areas, such as Malaysia, Japan, Singapore, China and Australia, he said, adding that 15 to 20 per cent of its units have been allocated for Malaysian buyers.
Meanwhile, Zaha Hadid Architects principal and director Patrik Schumacher said the fluidity within the beautiful Australian landscape has defined the geometries of the building’s sculpted facade, which are carried through to the interiors and celebrate the finest attention to detail.
He added that the experience starts from the main entrance and continues right through every apartment — each with own unique views.