Purpose-Built Student Accommodation
The PBSA business is being undertaken via the Wee Hur PBSA Master Trust (the “Trust”), a vehicle managed by our wholly owned subsidiary Wee Hur Capital Pte Ltd.
Our PBSA business provides quality accommodation to tertiary students. These facilities are strategically located within proximity to universities, public transportation nodes and amenities in major capital cities. We grow our PBSA portfolio through greenfield and brownfield strategies with the objective to generate stable recurring income. Our PBSAs are developed with the end occupiers – students, in mind, and therefore the PBSAs generally boast huge communal spaces for students to interact and supporting amenities to create a conducive living environment.
We made our first foray in PBSA business in 2015 by developing a 1,578-bed PBSA at Buranda in Brisbane Australia. This PBSA was subsequently transferred under the Trust in 2017. Till date, we have successfully acquired 6 land parcels which will yield approximately our targeted 5,000 beds of PBSA. These 6 land parcels are at various stages of development and are expected to be fully operational by 2022.