UEM Sunrise (KLSE:UEMS) signed a deal with ITG Australia TS Sub to develop a build-to-rent project in Collingwood, Melbourne, with a total transaction value of AU$315.4 million.

The group will sell 5,390 square meters of freehold site for AU$47.3 million, while undertaking development works valued at AU$268.1 million under a fund-through structure.

The project comprises 407 apartments across two buildings and is scheduled for completion in phases through 2030.

Deal completion is subject to regulatory and planning approvals, and construction is targeted to begin in early 2027, the property developer said.