UEM Sunrise Greenlit for $450m Subiaco East Project

UEM Sunrise Berhad has been given the go-ahead to deliver its 36-storey The Oval development. 

The Malaysian developer’s proposals for Lots 1 and 2 at The Oval in Subiaco East comprise a mixed-use project of three residential buildings under the scheme it filed in May.

It has a gross development value of $450 million.

Lot 1 will be home to Cox Architecture-designed tiered buildings of 36 and 26 storeys, while Lot 2 will be home to an 11-storey tower. 

The entire development will offer 340 one, two and three-bedroom apartments including townhouses.

After its meeting this month, the DevelopmentWA Board said UEM’s plan “achieves the objectives of the Subi East Masterplan, which identifies the site for a high quality, high density residential outcome”.

▲ Construction on the two stages is expected to begin in 2026.

Twelve per cent of the units will be affordable housing aimed at essential workers. 

“This project is not only about introducing our UEM Sunrise experience to Perth but also about supporting the local market by helping to fulfil pressing housing demands and creating a sustainable, inclusive community,” UEM Sunrise chief executive Sufian Abdullah said in a statement.

The approval is the first within the overarching Subiaco East Masterplan. 

UEM acquired the lots in the wider 35ha site for $22.19 million in August, 2023 from DevelopmentWA.

▲ The wider Subi East redevelopment area—its masterplan was approved in October, 2020.

The project takes its name from its location beyond the boundary line of the iconic Subiaco Oval, alongside Haydn Bunton Drive, once home to a 43,500-capacity stadium that opened in 1908 and was demolished in 2019 after being replaced by the Perth Stadium at Burswood.

The development of Subi East is expected to rejuvenate the area surrounding Subiaco Oval, as well as the area encompassing the former Princess Margaret Hospital, Mueller Park and the new Bob Hawke College.

DevelopmentWA envisions an inner-city village for more than 4000 residents.

The project is UEM’s first in WA—it has predominantly operated in in Melbourne previous to this. 

It is planning a build-to-rent project with Greystar at Collingwood, and hastopped out a $770-million skyscraper at Melbourne Central.