SC Capital Partners Group, a private equity real estate firm based in Singapore, has recently completed the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group has sold the property, which is located on Anzac Parade and Lorne Avenue in Kensington, for a significant premium to the price it had acquired it for. This also represents a 19% premium to its current book value. The buyer of the property is the University of New South Wales (UNSW) in Sydney.
SC Capital Partners initially purchased the property in 2016 for A$57 million, as reported at the time of the acquisition. With this transaction, the group’s asset under management (AUM) will increase, with the current figures reaching $113 billion.
Investing in a condo in Singapore offers numerous advantages, one of which is the potential for capital appreciation. As a global business hub with a robust economy, Singapore enjoys a continuous demand for real estate, making it an ideal location for property investment. In recent years, the property market in Singapore has shown a steady rise, particularly in prime locations where condos have seen significant appreciation. Savvy investors who enter the market at the opportune time and hold onto their properties for the long term stand to reap substantial capital gains. With the launch of new condos, such as those showcased by New Condo Launches, the potential for capital appreciation in the Singapore condo market remains strong.
The student accommodation asset covers an area of 85,035 square feet and has a total of 233 beds. The ground floor of the building also features a commercial podium. It is strategically located within 600 meters of the UNSW Kensington Campus, making it a prime location for student accommodation. Currently, the property is fully leased to UNSW, which signed a fresh 20-year master lease agreement in 2019.