UEM Sunrise move into Perth off the plan apartment market with Subiaco Oval site acquisition

UEM Sunrise has acquired its first residential development site in Subiaco East in Perth, their first development outside of Melbourne.

They have spent over $22 million purchase two lots at The Oval precinct in Subiaco East from DevelopmentWA, where they will deliver two apartment buildings. The precinct is part of the state’s most significant urban redevelopment at the iconic former Subiaco Oval. 

Subiaco is a suburb renowned for its eclectic architecture, quaint and leafy residential streets, premier shopping, and multicultural dining scene.

Plans for the upcoming mixed-use residential precinct will include the delivery of two towers with around 430 apartments, subject to development approval. Construction is expected to start on the project, which will also include up to 12 per cent affordable housing, in 2026.

The 4,930 sqm site, located two kilometres from Perth's CBD on Subiaco Road and Haydn Bunton Drive, is within walking distance of the Subiaco entertainment precinct and West Leederville neighbourhood. It is also surrounded by around seven hectares of public open space.  The Subiaco Train Station and West Leederville Train Station are an eight-minute walk.

UEM Sunrise Chief Executive Officer Sufian Abdullah said that the company was thrilled to secure the prized site and expand its presence in the Australian market. 

“We are delighted to work with DevelopmentWA on this landmark project as our first venture in Western Australia’s residential market," Abdullah said.

"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."

Abdullah said they had been actively looking at investing in Perth for some time, due to 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."

DevelopmentWA Acting Chief Executive Officer, Dean Mudford, said the deal was 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," Mudford said.

"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."

UEM Sunrise, who are owned by the strategic investment fund of the Government of Malaysia, has previously developed Aurora Melbourne Central, an 86-level tower in Melbourne's CBD, as well as Conservatory, which has 446 apartments with views of Carlton Gardens.