SINGAPORE (June 4): Wee Hur Holdings announced that its 68.97%-owned Wee Hur PBSA Master Trust, through its wholly owned sub-trust, WH Gibbons Trust, is acquiring a freehold residential block at 13-23 Gibbons Street, Redfern, Sydney, Australia for A$52 million ($52.6 million).

Wee Hur PBSA Master Trust was established by the group for the purpose of undertaking Purpose-Built Student Accommodation (PBSA) in Australia.

The 32-unit freehold residential block has a site area of about 1,365 sqm and is located near two universities – University of Sydney and University of Technology Sydney.

The group intends to redevelop the property into an 18-storey PBSA with approximately 515 beds.

The PBSA will consists of studios and cluster bedrooms, indoor and outdoor communal spaces for students and a small retail tenancy on the ground level. It will also include facilities and amenities such as kitchen, laundry, bicycle parking, study rooms and games rooms etc.

The group will satisfy the acquisition consideration in cash and will fund it through a combination of internal resources and bank borrowings.

Goh Yeow Lian, executive chairman of Wee Hur says, “We are very pleased to find this acquisition opportunity in Sydney as we wanted very much to have a PBSA in this city. We find this site attractive as it is close to two universities, the University of Sydney and University of Technology Sydney, and also close to railway train and metro stations.”

Shares in Wee Hur closed at 24 cents on Monday.