)
Singapore-based Mapletree Investments is making a debut into the Australian student housing market with plans for a premium 835-bed development in Perth’s CBD.
Mapletree has acquired a 1,398sqm site owned by alternative asset manager Alceon on Wellington Street with plans to complete the project by 2027.
The Perth development builds on Mapletree’s experience since entering the student housing market in 2016, growing its portfolio to 79 properties comprising more than 27,800 beds in the US, UK, Canada and Germany.
“Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply and counter-cyclical features,” says Matt Walker, CEO of student housing at Mapletree.
“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.”
The Singapore company sees the Perth CBD site as ideal for the student housing project due to its location close to Edith Cowan University and Curtin University Law School.
Mapletree’s project will feature a suite of amenities to optimise students’ living experience, including an open communal rooftop recreational area connected via a common lobby to outdoor lounge and terrace areas along with internal dining and game amenities with full-height external glazing maximising city views and beyond.
The proposal includes green spaces for studying and relaxation, as well as leisure facilities such as an on-site café, gym, music room and cinema to promote holistic development.
“We are thrilled to be working with Mapletree, a leading institutional real estate investor, as it delivers its first student housing project in Australia,” says Matthew Liston, executive director in Alceon’s real estate team.
“With support from the City of Perth, the Alceon team worked quickly to obtain the development approval for student housing.
“While Alceon will relinquish ownership of the land, the team is pleased to remain involved as the project’s development manager and will leverage our local expertise to oversee it through to delivery.”
Sydney-based Alceon manages $5.3 billion in assets across real estate, private equity, credit and liquid market strategies.
Mapletree, which manages assets worth $96 billion in 13 countries, most recently developed the 453-bed Westwood Student Mews in Coventry the UK and the 513-bed The Chestnut at University City in Philadelphia in the US.
)
