trending Market Intelligence /marketintelligence/en/news-insights/trending/nkeqnusfqlexzjpmjjsxxa2 content esgSubNav
In This List

Wee Hur Holdings to buy Sydney residential site for student housing development

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Wee Hur Holdings to buy Sydney residential site for student housing development

Wee Hur Holdings Ltd. agreed to buy for A$52 million a Sydney block, in which a 32-unit residential scheme currently stands, with plans to redevelop it into a roughly 515-bed student accommodation property.

The planned 18-story building at 13-23 Gibbons St. in Redfern will be composed of 16 levels of student housing and two levels of podium space. The purpose-built property is in proximity to the University of Sydney and University of Technology Sydney, according to a release.

The transaction will be carried out through a put and call agreement signed between an unnamed seller and buyer WH Gibbons Trust, a subtrust owned by Wee Hur's Wee Hur PBSA Master Trust subsidiary. The Singapore-listed builder/developer said that if the deal pushes through, Wee Hur PBSA's student accommodations pipeline in Australia can reach approximately 3,765 beds.

Wee Hur plans to use internal resources and bank borrowings to fund the acquisition of the approximately of 1,365-square-meter site.