PETALING JAYA (Oct 30): UEM Sunrise Bhd has announced the settlement of the RM365.5 million (AU$125 million) serviced apartment component at its Aurora Melbourne Central building with Scape Australia Management Pty Ltd (Scape), a student accommodation provider in Australia. 

Scape has purchased 252 serviced apartment units across ten floors, in addition to ground-floor retail area at Aurora Melbourne Central. The deal with Scape was exclusively brokered by Trent Hobart from Colliers International on behalf of UEM Sunrise.

In a press release, UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib said, “This significant settlement in challenging market conditions due to the global Covid-19 pandemic is a testament to the quality and unparalleled location of our Aurora Melbourne Central development. 

“Aurora Melbourne Central’s connectivity and convenience will provide Scape’s customers with a gateway to business, education, lifestyle and innovation in the heart of Melbourne CBD,” he added. 

According to Scape’s CEO and managing director Stephen Gaitanos, the acquisition is a key part of Scape’s premium purpose-built student accommodation strategy, while enhancing further opportunity to introduce Scape’s offering to a wider community. 

The press release added that the “Aurora experience”, which is expected to be available to the market in January 2021, will be targeted at young adults including students, graduates, travellers and professionals, and will be providing premium serviced apartment and urban living. 

Located at 228 La Trobe Street in Melbourne CBD, the 88-storey mixed-use development comprises 959 residential apartments, 252 serviced apartments, office suites and signature retail with a total gross development value of approximately AU$800 million. 

The development was completed in early 2020 and the residential apartment component of Aurora Melbourne Central is close to being fully handed over to owners.