Sime Darby Property launches A$1.08 billion mixed-use project in Melbourne
Sime Darby Property Bhd is entering the Melbourne property market with Aurum Melbourne, a 65-storey mixed-use development valued at A$1.08 billion. The project in the city’s central business district combines private residences and purpose-built student accommodation, marking the group’s expansion into Australia.
Highlights
- Sime Darby Property launches the A$1.08 billion Aurum Melbourne mixed-use project on Queen Street, comprising 595 apartments, 948 student beds, office space and retail space.
- The project marks Sime Darby Property’s entry into the Melbourne property market, broadening its exposure to the urban residential and purpose-built student accommodation segments.
- Malaysia’s property sector also saw Jotun invest RM500 million in a new R&D centre and regional headquarters, scheduled for completion on 18 Nov.
This article was translated from the original. Read the original version by our correspondent here.
Project details and development scale
As reported by The Edge Malaysia, Aurum Melbourne is located on Queen Street, opposite the historic Queen Victoria Market, and is being developed on a 3,219-square-metre site with a plot ratio of 28.62. According to Sime Darby Property group managing director and chief executive officer Datuk Seri Azmir Merican, the project will comprise 595 residential apartments, 948 beds in purpose-built student accommodation, office space and a retail component.The development marks a new move by the Bursa Malaysia-listed company to enter the Melbourne property market. Its mix of residential, student accommodation and commercial offerings reflects a focus on mixed-use assets in a central location, with the potential to attract demand from a range of consumer segments.
Implications for regional strategy and the Malaysian market
This week’s City & Country cover story also places Sime Darby Property’s move within the broader regional property landscape, as Malaysian companies continue to assess growth opportunities overseas. For the group, the Melbourne project could broaden its exposure to the urban residential market and the purpose-built student accommodation segment.The same edition also highlights several other developments in Malaysia’s property and industrial sectors, including Jotun’s plans to launch a Southeast Asia-Pacific research and development centre and regional headquarters worth RM500 million on 18 Nov, Langkawi Rainforest Sdn Bhd’s search for a joint-venture partner for Ambong Pool Villas 2, and JLL Malaysia’s assessment that the country’s industrial property market is facing a shortage of suitable factory space.
As we noted previously, Bursa Malaysia corporate developments include debt issues, land acquisitions and management changes at listed companies.
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