835-bed student housing project in Perth marks Mapletree’s first foray into Australia

PERTH, AUSTRALIA: Mapletree Investments has made its first move into Australia’s student housing market, acquiring a 1,398-square-metre (sq m) site on Wellington Street in Perth to develop an 835-bed student housing project.

The site was acquired from investment manager Alceon, which will remain involved in the project as development manager, The Edge Singapore reported.

The project sits in Perth’s CBD transport hub, close to Perth Underground Station, Perth Airport, and city bus routes. It is also within walking distance of Edith Cowan University, Curtin University Law School, and the upcoming ECU City Campus, opening in 2026.

Construction will be between August 2025 and December 2027, with operations starting in February 2028.

Although Mapletree did not disclose the value of the acquisition, the Australian Financial Review reported that the development is estimated to be worth around A$300 million (S$249.96 million) upon completion.

Matt Walker, CEO of Mapletree’s student housing, said in its press release, “Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply and counter-cyclical features. In particular, Perth remains one of Australia’s most undersupplied central business districts (CBD) for student accommodation despite being home to many prestigious institutions.”

“Our latest investment reflects the Group’s strategy to leverage our real estate capabilities to deepen focus on student housing as a core sector. We are excited about this scaling opportunity and look forward to delivering a top-tier asset that will greatly appeal to both students and investors,” he added.

Since 2016, Mapletree has expanded in the student housing sector, building a portfolio of 79 properties with over 27,800 beds in the US, UK, Canada, and Germany. /TISG

Read also: Mapletree Industrial Trust reports 1.5% increase in DPU to 3.41 cents for 3QFY2024