The company said on Friday that NTU had awarded it the project following a competitive expression-of-interest and request-for-proposal process, according to a company release.
The award covers the facility’s design, construction, financing, operation and maintenance. Both parties are working to finalize an agreement.
Once completed, the development is expected to be Singapore’s largest privately developed and operated student accommodation facility on an autonomous university campus, according to Wee Hur.
The facility will primarily accommodate postgraduate students, with a limited number of beds reserved for undergraduates.
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An artist’s impression of the Nanyang Technological University’s student accommodation. Photo courtesy of Wee Hur Holdings |
Construction is slated to begin in the third quarter of 2027, with operations scheduled to commence by the start of the 2029-2030 academic year, subject to approval from NTU and regulatory authorities.
The development will be carried out through a special-purpose vehicle, with Wee Hur overseeing the project from design and construction to operations and maintenance.
The undeveloped site spans approximately 6,000 square meters next to 30 Nanyang Link on NTU’s main campus. The project vehicle will receive an initial 20-year land lease, with options for two five-year extensions, subject to the definitive agreement.
Wee Hur Property CEO Goh Chengyu said the award would expand the group’s development pipeline and give it greater visibility over future construction activity, according to The Business Times.
He added: “By developing the PBSA from the ground up and operating it over the long term, we can apply our experience across the full real estate life cycle – from design and construction through to operations.” PBSA refers to purpose-built student accommodation.
The project will also take Wee Hur’s student accommodation business into a third market, following Australia and Hong Kong, as the group expands its platform across the Asia-Pacific region.
Goh Wee Ping, chief investment officer of Wee Hur Holdings and CEO of Wee Hur Capital, said: “Working with NTU allows us to bring our experience to our home market while further scaling a platform that we believe can create long-term value for the group.”