MELBOURNE: UEM Sunrise Bhd secured an investor for its RM903.3mil build-to-rent project in Collingwood, Melbourne, via its wholly-owned subsidiary, UEM Sunrise (Collingwood Development) Pty Ltd. The project will deliver over 400 new homes in one of the city’s most supply-constrained rental markets.

The development is backed by Australian living-sector specialist Kio Investment Management (Kio), a joint venture between US private equity firm Warburg Pincus and Australian industry specialist Sam Bisla. UEM Sunrise is the developer and delivery partner while Kio will be the investor and owner-operator. The partnership was formalised at a signing ceremony in Melbourne by senior representatives of UEM Sunrise and Kio.

“The Collingwood project is a key part of our growth strategy in Australia and reflects our continued commitment to expanding our international development portfolio. With our established track record in Melbourne, we are well-positioned to deliver housing in a well-connected urban location. This project also reflects our disciplined approach to partnering as we continue building our presence in Australia’s growing build-to-rent sector,” said UEM Sunrise managing director and chief executive officer Shaharul Farez Hassan.

The 1.33-acre site at 21-53 Hoddle Street will feature two buildings with studio, one-, two- and three-bedroom apartments. It will also include a public town square with food and beverage options, retail spaces, essential services and landscaped greenery.

“We see strong long-term fundamentals for institutional rental housing in Australia and are focused on well-connected inner-city locations such as Collingwood. This project aligns with Kio’s strategy of building a leading institutional living platform across Australia’s key gateway cities, underpinned by long-term ownership, operational excellence and resident-focused communities,” said Kio founder and managing director Sam Bisla.

“Collingwood represents the type of well-located, large-scale project that strongly aligns with our long-term vision for the sector. We are pleased to partner with UEM Sunrise to help expand professionally managed housing supply in Melbourne,” added Bisla.

Early construction works for the Collingwood BTR project are expected to commence towards the end of 2026, with completion targeted for 2030.