Ascendas Hospitality Trust snaps up A$120m serviced apartment in Melbourne

It was acquired from a Malaysian property developer.

Ascendas Hospitality Trust, has inked an agreement with leading Malaysian property developer UEM Sunrise Berhad to acquire the serviced apartments component of the La Trobe Street mixed-use development, Aurora Melbourne Central for AUD120 million.

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

Aurora Melbourne Central mixed-use development is UEM Sunrise’s maiden project in Australia with a gross development value of AUD770 million.

The construction of the project has commenced with the official groundbreaking ceremony held on 21 September 2015. Completion of Aurora Melbourne Central is scheduled for 2019.