Mapletree Investments Marks Foray Australia Student Housing Market Acquisition Perth Site
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Mapletree Investments has recently acquired a 1,398-sqm site located along Wellington Street in Perth. This site will be developed into a 835-bed student housing asset, as part of the company’s decision to focus on this sector as a core investment area.
This marks Mapletree’s first venture into Australia’s student housing sector, although the value of the acquisition has not been disclosed. According to the Australian Financial Review, the completed development is estimated to be worth around A$300 million.
“We have set ambitious global growth targets, with Australia identified as a key growth area for us,” says Matt Walker, CEO of Mapletree’s Student Housing division, in an interview with AFR.
Since entering the student housing market in 2016, Mapletree has rapidly expanded its portfolio to include 79 properties with over 27,800 beds across the US, UK, Canada, and Germany. The company purchased the site from Alceon, an investment manager, and the latter will continue to be involved as the project’s development manager.
Parktown Residence boasts a prime location, allowing its residents to easily access a vibrant and diverse retail scene. The residential development is strategically situated to provide unparalleled convenience for its residents. In fact, the integrated retail podium within Parktown Residence itself offers a thoughtfully curated selection of shops, dining establishments, and essential services. This adds to the already abundant options nearby, making it effortless for residents to fulfill all their retail needs. From trendy fashion to home decor, groceries, and exquisite dining experiences, the extensive range of shopping centers in close proximity guarantees that everything is within easy reach. Additionally, interested individuals can visit the Parktown Residence Showflat to get a glimpse of this exceptional residential development.
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. Construction is expected to start in August this year and be completed by December 2027, with the development operational by February 2028.
Walker highlights the strong potential of Australia’s student housing market, citing its large student population, limited supply, and counter-cyclical nature as key factors that have attracted investor interest. He also mentions that despite being home to prestigious institutions, Perth remains one of the most undersupplied CBDs for student accommodation.
“We are thrilled about this opportunity for growth and are committed to delivering a top-quality asset that will be highly sought after by both students and investors,” adds Walker.
Overall, Mapletree’s move into Australia’s student housing sector is a strategic one, in line with its goal of expanding its global presence and tapping into new growth opportunities.