Wee Hur Sets Up $37M Fund for Aussie Student Housing Project

Singapore’s Wee Hur Holdings plans to sell a student housing project in South Australia into a newly created fund with a committed capital target of A$57 million ($37.2 million).

Wee Hur currently holds an 80 percent stake in the project at 188 Grenfell Street in Adelaide, with members of the SGX-listed builder’s controlling Goh family owning 20 percent. After the disposal, the group will hold a 20.11 percent interest in the new vehicle, known as Wee Hur PBSA Fund III A, while the Goh relatives will retain 37.03 percent and outside shareholders will own 40.87 percent, according to a stock exchange filing late Wednesday.

Wee Hur is committing A$12.6 million to WHF3A and the Gohs and their associates at least A$21.1 million, with the other shareholders’ A$23.3 million contribution to be raised through a private placement. The restructuring comes after a Wee Hur joint venture with Singapore sovereign giant GIC sold an Australian student housing portfolio to US apartment giant Greystar for A$1.6 billion, with Wee Hur retaining a 13 percent stake in the seven-asset set after completing the deal in April.

“Our new WH PBSA Fund III marks the next phase in the continued expansion of our investment in Australia’s student housing sector, building on our proven track record of originating and executing successful strategies,” said Goh Wee Ping, chief investment officer of Wee Hur Holdings. “Following the strong operational performance and successful institutional exits of our first fund, this new vehicle underscores our disciplined approach to delivering consistent and resilient returns.”

Singapore International School

The private placement exercise will allow WHF3A to meet the criteria of a “managed investment trust” in Australia and gain eligibility for certain tax concessions, according to Wee Hur.

The student housing project at 188 Grenfell Street marks Wee Hur’s ninth purpose-built student accommodation in Australia. Situated within five minutes’ walk to a cluster of universities in Adelaide, the development will feature 708 beds under the Y Suites brand. Construction began in June and is expected to conclude by the second half of 2027, the group said.

International School on the Way

Wee Hur also announced Wednesday that it plans to develop an international school in Singapore under a joint venture with partners including a private company controlled by members of the Goh family.

“ Delivering education infrastructure demands precision, foresight and respect for how learning environments shape outcomes. As a trusted local partner with deep understanding of Singapore’s built environment and a proven track record in quality project delivery, Wee Hur is committed to realising Wycombe Abbey School Singapore as a best-in-class education facility,” Goh Chengyu, chief executive of Wee Hur Property said. “Leveraging our local knowledge and strong relationships, we can ensure smooth operations and enduring success. This project reflects our disciplined approach to identifying demand-led asset classes and building them with prudence and purpose.”

The JV will build and operate Wycombe Abbey School (Singapore) at Hougang Avenue 3 in the city-state’s eastern region, according to a filing. Based in Buckinghamshire county in England, Wycombe Abbey also has campuses in Hong Kong and the mainland Chinese cities of Changzhou, Hangzhou and Nanjing.

The initiative builds on Wee Hur’s track record that includes construction of the Insead campus in 2000 and United World College in 2004, as well as additions and alterations to Tanglin Trust School in 2022, the group said.

Top Bid for Upper Thomson Site

Wee Hur capped an active week with news that a tie-up of the group and its largest shareholder, GSC Holdings, had placed the top bid of nearly S$614 million ($473 million) for a northern Singapore residential site.

The offer for Upper Thomson Road (Parcel A) translates to S$1,062 per square foot of accommodation, according to the Urban Redevelopment Authority. A joint venture of Frasers Property and Soilbuild placed the second-highest bid of S$1,040 per square foot.

The plot next to Springleaf MRT station previously went up for tender last year and attracted no bids. Its requirement of 100 long-stay apartments for rent may have deterred developers then, said Wong Siew Ying, head of research and content at local broker PropNex.

Under the terms of the tender that closed Thursday, the site can yield a project with 595 homes and over 21,500 square feet (2,000 square metres) of commercial space, with no mandate to provide long-stay serviced apartments. The tender decision for the site is expected to be announced at a later date.