Singapore trust buys serviced apartments in new Melbourne skyscraper for S$123.8 million

SINGAPORE - Ascendas Hospitality Trust (A-HTrust) on Thursday signed an agreement with leading Malaysian developer UEM Sunrise to acquire the serviced apartments component of a high-rise mixed use development that is set to be one of Melbourne's tallest buildings for A$120 million (S$123.8 million).

UEM Sunrise is building the project, Aurora Melbourne Central, in LaTrobe Street in Melbourne's central business district. It is set for completion 2019.

The serviced apartments component will comprise 252 serviced apartments on levels 10 to 32 of Aurora Melbourne Central along with common facilities for guests on level nine and a restaurant on the ground floor, the company said Thursday.

Aurora Melbourne Central mixed-use development is UEM Sunrise's maiden project in Australia with a gross development value of A$770 million.

Construction got underway in September .

A-HTrust said the 92-storey development comprises more than 120,000 sq m of built-up area and includes 941 residential apartments, signature retail spaces, strata offices as well as the 252 serviced apartments.