31 October 2014

Solid long-term investment opportunity

  31 October 2014

UEM Sunrise Bhd’s Aurora Melbourne Central development has proven to be a big hit among buyers in Malaysia with more than 90 per cent of the 200 allocated units snapped up at a special preview recently.

Aurora Melbourne Central offers a total of 941 luxury serviced apartments with prices ranging from A$395,000 (one bedroom) to A$1.1 million (three bedrooms).

The rest of the units are for buyers from Australia, China, Hong Kong, Indonesia and Singapore.

UEM Sunrise chief operating officer for commercial Raymond Cheah said 182 of the 200 allocated units were snapped up during the two-day exclusive preview at the White Box @ Publika Solaris Dutamas in Kuala Lumpur recently.

“They liked what they saw and grabbed the opportunity to own a property there. Aurora Melbourne Central is surrounded by numerous activities from lifestyle and leisure, entertainment and shopping as well as education. It is in a prime location and all units offer an excellent view of Melbourne city,” Cheah told Property Times.

Malaysia is the first country to hold an exclusive preview of Aurora Melbourne Central.

Cheah said the remaining units will be launched in Beijing (October 30), Shanghai (November 1), Hong Kong (November 3), Singapore (November 6), Melbourne (November 8) Sydney (November 10) and Jakarta (November 12).

So far, UEM Sunrise has sold 403 units worth a combined A$202 million during its exclusive previews.

This includes the units sold in Malaysia.

Malaysians are among the main investors in the Australian property market as Australia provides a solid long-term investment environment.

According to a recent report, prices in Melbourne have risen by more than seven per cent over the past year. Until interest rates start to rise, it is likely that prices will continue to move up.

The Victorian state government

is spending A$5.1 billion (RM14.8 billion) in major projects, primarily built around road and rail infrastructure, logistics and trade, to support the greater Melbourne potential to become a city of 7.8 million people by 2051, from 4.3 million people last year.

It means that more homes will be required within the city area and outskirts, and this would make buying a property in Melbourne now worthwhile.

The Melbourne CBD (central business district) will benefit from these projects as the multiplier effect takes place.

UEM Sunrise will launch Conservatory, the residential project on Mackenzie street with a GDV of A$300 million next.

Conservatory will be located at the corner of the world heritage-listed, 25.6ha Carlton Gardens and the Royal Exhibition Building.

Cheah said it would also offer an excellent view over the pristine gardens, and with excellent proximity to the activities of the CBD.

The building was designed by COX Architecture, inspired by the classic “Victorian Wardian Case”.

~ By BUSINESS TIMES

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