Singapore-based property developer Centurion has chosen Adelaide as the location for its latest major student accommodation investment.
The $AU45.5 million, 280-bed property will capitalise on the significant business investment opportunities created by Adelaide’s strong growing international student population.
The development will form part of Centurion’s dwell branded student accommodation business to be known as dwell Adelaide and will be built in the vibrant Adelaide East End.
Centurion CEO Mr Kong Chee Min said that the City of Adelaide’s pro-investment attitude and strong fundamentals for growth into the future encouraged them to undertake the development.
“Adelaide’s convenient location and function as the state capital for South Australia, as well as its thriving education, tourism and real estate sector, puts the city in good stead as it develops a knowledge-based economy that draws talent from all over Australia and the world,” he said.
“Moving forward, we will continue to be on the lookout for more opportunities in Adelaide to further tap into the resilient student accommodation market.”
Students comprise nearly 25% of the city’s permanent resident population with nearly 90,000 students enrolled in Adelaide’s educational institutions. More than 70% of Adelaide’s university enrolments are overseas students.
dwell Adelaide will offer easy access to the city’s three local and three international universities, as well as its numerous high quality vocational colleges and business schools.
The Adelaide East End is also home to boutique shops, high quality cinematic entertainment and delicious multi- cultural dining, right on the edge of Adelaide’s eastern Park Lands, offering a unique and enviable lifestyle for residents.
Lord Mayor Martin Haese said the City of Adelaide had a long standing strategic commitment to growing educational infrastructure in the city, with student housing at the top of Council’s agenda.
“Council is working closely with the university sector and State Government to foster growth in the international education sector and to support investment in affordable, quality student accommodation,” Lord Mayor Haese said.
“Centurion’s dwell Adelaide property represents a well-informed strategic investment which builds upon Adelaide’s unique strengths as a destination of choice for study and living.
“There are significant opportunities for further student accommodation developments within close proximity of Adelaide’s world ranked universities where students are very much engaged in the life of the city.”
dwell Adelaide is expected to be completed by late 2018 to cater for the 2019 academic year student intake.
For further information about business investment opportunities in the City of Adelaide, contact Senior Advisor - Investment Growth, Patrick Robinson, on +61 8 8203 7829 or firstname.lastname@example.org