Wee Hur Holdings Ltd. earmarked A$700 million for its plan to develop student accommodation facilities that will offer a total of 3,250 beds in the Australian capital cities of Melbourne, Adelaide and Brisbane, The Australian reported.
In relation to the plan, the Singapore-based investment holding company has tapped Sydney real estate company Intergen Property Group to be its adviser, with the task of identifying new sites for student accommodation projects and provide investment advice for its Purpose Built Student Accommodation fund, which the publication noted is expected to achieve a total portfolio value of over A$1 billion within a few years.
Goh Yeow Lian, Wee Hur's executive chairman, disclosed that the company is banking on the potential of student accommodation in Australia and is working toward developing up to 5,000 beds across the country's major capital cities. According to the paper, Wee Hur is also looking to purchase potential student accommodation sites in Perth and Sydney along with additional project sites in Adelaide in Melbourne.
Construction works continue on two of the company's projects in Australia. It is almost done with its development of the 1,578-bed Unilodge @ Park Central facility in Buranda, Brisbane, while its construction on a 772-bed student accommodation in Gray Street, Adelaide, is slated for an early 2019 completion, the Feb. 15 report noted.
Wee Hur, through Intergen Property, is also planning to develop a 900-bed facility at 183-189 A'Beckett St. in Melbourne, a site that it purchased for A$35 million, the publication added.