Singapore-based construction firm Wee Hur Holdings Ltd. has agreed to acquire a site at 104-116 Regent Street in Redfern, Sydney, Australia from BP Australia for A$46.1 million to develop student accommodation project.
Under the terms of the contract, Wee Hur has paid a deposit of AUD4.61 million, said the company in a statement.
The property is located at 104-116 Regent Street, Redfern, Sydney, Australia with land area of 1,366 square meters. The group intends to redevelop the property into a Propose-Built Student Accommodation (PBSA) with approximately 384 beds, subject
to receiving development approval.
The property is located near two major international universities and is in close proximity to public transport infrastructure. The property is adjacent to two other PBSA sites that the group already owns via its subsidiary, Wee Hur PBSA Master Trust, at 13-23 Gibbons Street, Redfern, Sydney and 90-102 Regent Street, Redfern, Sydney.
The acquisition will bring the total number of beds in PBSAs managed by the group in the catchment to approximately 1,300 beds.