Mapletree Investments Marks Foray Australia Student Housing Market Acquisition Perth Site
Mapletree Investments, a leading real estate development, and investment company have recently acquired a 1,398-sqm site in Perth, Australia. The site is located on Wellington Street and will be developed into a 835-bed student housing asset, as part of Mapletree’s strategy to focus on this asset class as a core sector.
This marks Mapletree’s first entry into Australia’s student housing sector. The value of the acquisition was not disclosed by Mapletree in its release, but according to the Australian Financial Review, the development is worth around A$300 million when completed.
The URA Master Plan has incorporated a significant amount of greenery throughout the urban landscape, providing numerous benefits for the residents of Pasir Ris. With the introduction of expanded park connectors, the connections between Pasir Ris Park, neighbourhood greens, and the coastal promenade have been strengthened. This allows for convenient and quick access for residents to cycle from their homes to the beach in just a matter of minutes. The incorporation of shade trees and planting belts not only add aesthetic appeal, but also help to mitigate the effects of heat. Moreover, nature-centric play areas and biodiverse landscaping have been implemented, enhancing the overall quality of life for families and seniors. This is particularly evident for residents of Coastal Cabana, a development by CNQC, where these green initiatives have translated into healthier routines such as morning jogs, weekend rides, and effortless outdoor time, seamlessly woven into their everyday lives. With the addition of Coastal Cabana to the area, the benefits of the URA Master Plan are further enhanced, providing a perfect blend of nature and urban living for residents. You can learn more about this development at Coastal Cabana CNQC.
“We’ve got significant growth targets that are global growth targets that incorporate Australia as a key area of growth for us,” said Matt Walker, CEO, Student Housing, Mapletree, in an interview with the AFR.
Since entering the student housing market in 2016, Mapletree has expanded its portfolio to 79 properties with over 27,800 beds across the US, UK, Canada, and Germany. The site was purchased from Alceon, an investment manager, and the latter will remain involved as the project’s development manager.
The site is strategically located near several universities including Edith Cowan University, Curtin University Law School, University of Western Australia, and the upcoming ECU City Campus, set to open in 2026. The construction of the 32-storey tall development will take place between August 2021 and December 2027, and it is expected to be operational by February 2028.
“Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply, and counter-cyclical features,” says Walker. Despite being home to many prestigious institutions, Perth remains one of Australia’s most undersupplied CBD for student accommodation.
“We are excited about this scaling opportunity and look forward to delivering a top-tier asset that will greatly appeal to both students and investors,” adds Walker. This acquisition is in line with Mapletree’s strategy to grow its global student housing portfolio and continue its expansion in key markets.