In February 2014, the Group diversified into the Student Accommodation Business with its maiden acquisition of RMIT Village, a student accommodation with 456 beds located in Melbourne, Australia. The Group further scaled up its Student Accommodation portfolio with the acquisition student accommodation assets in the United Kingdom in September 2014. In May 2015, we won a tender to operate our first student accommodation in Singapore. dwell Selegie started to welcome students in October 2015 with c.332 beds.
As at 31 December 2018, the Group operates a portfolio of 18 quality PBSA assets in Australia, Singapore, the UK and the USA. The Group’s 10 assets in the UK have a total bed capacity of c.2,675 beds, and are located in the established education precincts of Manchester, Liverpool, Newcastle, Bristol and Nottingham which provide easy access to the cities’ main university campuses and the city centres. Renowned universities are located within a walking distance or close proximity to these student accommodation assets, which comprise studio, three to seven-bedroom apartments/townhouses.
The Group’s six freehold PBSA assets in the US, namely dwell Statesider, dwell Tenn Street, dwell Towers on State, dwell College & Crown, dwell Logan Square and dwell Stadium view – have a total capacity of c.2,145 beds and are located in five states including Connecticut, Florida, Alabama, Texas and Wisconsin, and primarily cater to first tier universities.
By 2Q 2019, the Group’s PBSA portfolio will grow to 20 assets with c.6,256 beds following the completion of projects under development and undergoing asset enhancement works. This is inclusive of the Group’s first asset in the South Korea, Seoul, which marks the Group’s entry into North Asia.
Besides enhancing and redeveloping these assets, the Group plans to explore more student accommodation opportunities in Australia and other key educational hubs. The Group’s student accommodation assets are managed under the ‘dwell’ brand with the exception of RMIT Village.
The Group will continue to explore further opportunities for this new area of growth.