Melbourne serviced apartment deal scrapped

George Sell George Sell Uploaded 19 September 2019

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Australia: Malaysian developer UEM Sunrise Bhd (UEMS) has terminated an agreement with The Trust Company (Re Services) Ltd, the trustee for Ascendas Australia Hotel Trust (AAHT) to buy a serviced apartment block at Aurora Melbourne.

The A$120 million deal was signed in 2015 and UEMS was supposed to hand over the asset this year to AAHT. However, the deal was mutually terminated due to disagreement on specifications of certain aspects relating to the property.

It has been reported that UEMS has received several interests from interested parties for the property, among which, a written expression of interest from a potential purchaser to acquire the property.

Aurora Melbourne Central is an 88-storey mixed-use development comprising 959 residential apartments, 252 serviced apartments, office suites and retail with a total gross development value of A$750 million. The 252 units of serviced apartments are located on levels 10 to 32 and valued at A$120 million.

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