Purpose-Built Student Accommodation
The PBSA business is being undertaken via the Wee Hur PBSA Master Trust (Fund I ) and Wee Hur PBSA Fund II ( Fund II ) . Both funds are 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 the major capital cities. We grow our PBSA portfolio through a greenfield strategy with the
objectives to generate stable recurring income and capital appreciation. Our PBSAs are developed with the end occupiers – students, in mind, and therefore generally boast huge communal spaces for students to interact and supporting amenities to create a conducive living environment.
In 2015, we made our first foray in the PBSA business by developing a 1,578-bed PBSA at Buranda in Brisbane Australia, this is the largest single-phase PBSA facility in Australia. The asset was subsequently transferred under Fund I. Till date, we have acquired 7 land parcels which will yield approximately 5,609 beds of PBSA under Fund I. These 7 land parcels are at
various stages of development and are expected to be fully operational by 2023.
In January 2021, we set up Fund II to undertake the development of a land parcels in Sydney which will yield approximately 400 beds of PBSA.