27 Aug 2021

Wee Hur launches $400 million Brisbane development

Singaporean property developer Wee Hur Holdings is beefing up its Australian portfolio by applying to develop four mixed-used towers worth $400 million in Brisbane’s south.

The proposed developments called Park Central, located in Buranda, will include a purpose-built student accommodation facility, a residential apartment building, an office tower and aged-care housing.

The proposed 26-storey, 759-bed purpose-built student accommodation called The Canopy will add to Wee Hur’s existing 1578-bed student accommodation facilities opened in 2019.

“Student accommodation will bounce back post-COVID and Wee Hur is well-placed to capitalise on the revival of this sector,” Wee Hur’s senior development manager Peter Scott said.

“We are confident about the Purpose-Built Student Accommodation’s (PBSA) mid- to long-term prospects. We are not slowing down our development and will have completed construction of the new facilities to coincide with the full recovery of the PBSA sector over the next few years.”

A residential tower comprising 290 apartments over 28 storeys is also in the works to take advantage of the strengthening market, Mr Scott said.

South-East Queensland has been one of the strongest performing residential markets in Australia over the past 18 months, mostly due to the relative affordability and lifestyle offered in Brisbane,” he said.

“It is expected that net migration and the completion of the substantial investment into Brisbane with the likes of Queen’s Wharf and Brisbane Metro will further drive the demand.”

Named The Terraces, the development will feature one- to three-bedroom apartments, which are expected to sell from $400,000.

The proposed aged-care tower, called The Garden House, will consist of 130 beds over the seven-storey facility.

The office tower, called The Pavilion, will feature a seven-storey mixed-use commercial tower including a lobby area and range of retail tenancies.

Designed by internationally renowned architects Woods Bagot, the new precinct is expected to start construction in 2022 and be completed in 2025.

This latest development is part of Wee Hur’s strategy to further its investments in Australia.

The Group has, to date, invested close to $1 billion in student accommodation in Australia, with sites now secured in Brisbane, Sydney, Melbourne, Canberra and Adelaide for over 6000 beds.

SOURCE: https://www.afr.com/property/residential/wee-hur-launches-400-million-brisbane-development-20210811-p58hp4

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