Singapore-listed developer Wee Hur Holdings announced that its trust has entered into a contract of sale on Nov 24 to buy a Melbourne land plot at A$35 million ($35.8 million). The group intends to develop a purpose-built student accommodation of about 900 beds on the site.

Located at A’Beckett Street, the property comprises an existing heritage building, which sits on a freehold land parcel measuring approximately 1,038 sq m. The building has been vacant and will be delivered with vacant possession at settlement.

According to Wee Hur, there is a development permit granted on the site for the development of a residential apartment block. The group plans to apply for an amendment to the permit when the acquisition is completed. Construction on the project is slated to begin in 4Q2018.

The student housing project will be located within a ten-minute walk of the University of Melbourne and the Royal Melbourne Institute of Technology (RMIT), says Wee Hur. It is also within walking distance of Queen Victoria Market and Melbourne Central railway station.

The Melbourne project will add to the trust’s two other purpose-built student housing developments in Adelaide (772 beds) and Brisbane (1,578 beds), bringing the total number of beds in the pipeline to about 3,250.