Mapletree Enters Australia Student Housing Market With 835-Bed Perth Project

Singapore’s Mapletree Investments has acquired a development site in central Perth for a 835-bed student housing project, marking the Temasek-owned property group’s first investment in the education-related living segment in Australia.

Scheduled for completion in 2027, the 32-storey project is within 1 kilometre (0.6 miles) of Perth’s Edith Cowan University and Curtin University Law School, Mapletree said Monday in a release. The firm purchased the site at 609 Wellington Street from Sydney-based investment manager Alceon, which will stay on as the project’s development manager.

The investment comes after Mapletree in June posted a net profit of S$227.2 million ($176.4 million) for its fiscal year to the end of March, reversing a year-earlier loss, and announced plans to deepen its focus on student housing as a core sector.

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

Serving City Centre

No acquisition price was disclosed for the project, but a report by the Australian Financial Review put the completion value at A$300 million ($194.9 million).

The 1,398 square metre site will yield a net lettable area of 15,200 square metres (163,611 square feet) across units ranging from single studios to five-bed configurations, according to Mapletree. On-site facilities will include a cafe, gym, music room and cinema.

In addition to ongoing public transport improvements in the Perth CBD, the project is expected to benefit from the 2026 opening of the Edith Cowan University City Campus, located within a three-minute walk of 609 Wellington Street.

“With support from the City of Perth, the Alceon team worked quickly to obtain the development approval for student housing,” said Matthew Liston, executive director in the Aussie firm’s real estate team. “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.”

The project was marketed by CBRE’s Aaron Desange and Andrew Purdon, with construction beginning this month and scheduled to conclude in December 2027.

Portfolio Evolves

Mapletree entered the student housing segment in 2016 and has grown its portfolio to 79 properties and 27,800 beds in the US, Britain, Canada and Germany. Previous development projects included the 453-bed Westwood Student Mews in Coventry and the 513-bed The Chestnut in Philadelphia.

The Singaporean firm last year completed its $1.3 billion acquisition of 31 student housing assets in the UK and Germany, along with the Student Castle operating platform, making it the fourth-largest student housing owner in Britain.

In April of this year, Mapletree sold two purpose-built student accommodation assets in Scotland to Dutch fund manager CVC DIF for an undisclosed price as part of a reworking of its UK student housing portfolio.