UEM Sunrise Sells Melbourne Serviced Units To Ascendas For US$87.73 Million

MELBOURNE, Dec 3 (Bernama) -- High-profile Malaysian property developer, UEM Sunrise Bhd, on Thursday signed an agreement with Ascendas Hospitality Trust to sell the serviced apartment, at the newly launched Aurora Melbourne Central, for US$87.73 million (A$120 million) in LaTrobe Street here. Featuring 252 serviced apartments on levels 10 to 32 at Aurora Melbourne Central, the common facilities for guests will be on level nine and a restaurant on the ground floor. Aurora Melbourne is UEM Sunrise's maiden project in Australia with a gross development value of US$562.93 million (A$770 million). The construction of the project has begun with the completion set for 2019. The 92-storey development comprises more than 120,000 square metres of built-up area and includes 941 residential apartments, signature retail spaces, strata offices as well as the 252-room serviced apartments. UEM Sunrise Managing Director/Chief Executive Officer Anwar Syahrin Abdul Ajib said the company was pleased to have inked the agreement with Ascendas Hospitality Trust. He said it would enable both parties to create a sustainable business environment. Anwar also said Ascendas Hospitality Trust has an impressive portfolio of hospitality assets in the Asia Pacific Region. Ascendas Hospitality Trust Chief Executive Officer Tan Juay Hiang said the Melbourne venture would enhance his company's portfolio and there may be potential synergy with its hotels in Melbourne – Pullman and Mercure in Albert Park. (photoBERNAMA) --BERNAMA