[SINGAPORE] Mainboard-listed Wee Hur Holdings has secured an unconditional option to acquire a site in Sydney, Australia, for a proposed 471-bed student accommodation development.
The 2,744 square metre site at 35 to 51 Nicholson Street in Wollstonecraft is earmarked for a 12-storey, purpose-built student accommodation development. It will comprise studios, en suite rooms and two-bedroom apartments, said the property developer in a statement on Tuesday (Oct 20).
The proposed acquisition, for an undisclosed sum, is expected to be completed in the second half of 2027, subject to the exercise of the option and completion of the transaction.
The site is a three-minute walk from Crows Nest Metro Station, and near universities including the University of Sydney, University of Technology Sydney and Macquarie University.
Wee Hur intends to undertake the acquisition and development through a special-purpose vehicle with external capital partners, while retaining an equity interest. The investment structure has yet to be finalised.
Intergen Property Group will serve as the project’s local investment manager, and Wee Hur Capital will undertake the development.
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Upon completion, the property is expected to operate under Wee Hur’s Y Suites student accommodation brand, subject to finalisation of operating arrangements.
The proposed development will add to Wee Hur’s student accommodation portfolio in Australia, which includes the operational 409-bed Y Suites on Margaret in Sydney and a 708-bed project in Adelaide targeted for completion in the fourth quarter of 2027.
The group has also expanded into Hong Kong, and recently announced a proposed 1,398-bed student accommodation development at Nanyang Technological University in Singapore.