The Singapore Exchange (SGX) has granted Wee Hur a 30-month extension to release its financial results, which will now take place by Sep 30, 2023.
Wee Hur Holdings has made a binding agreement to sell its portfolio of seven purpose-built student accommodation (PBSA) properties to Greystar. The portfolio, which consists of over 5,500 beds in several Australian cities, has been valued at A$1.6 billion ($1.4 billion). Wee Hur will retain a 13% stake in the assets through its subsidiary, Wee Hur (Australia).
The group plans to use the net proceeds of approximately $320 million to support its strategic growth, reinvest in its core business, and enter into new areas such as alternative investments. The transaction is expected to be completed within the next six months, pending approval from Greystar and Wee Hur’s shareholders.
According to Wee Hur, this deal highlights the group’s ability to navigate complex market conditions, including the challenges brought on by the Covid-19 pandemic and greenfield developments. It also supports the group’s long-term strategy to diversify its portfolio and position itself for sustainable growth in multiple sectors.
The cityscape of Singapore showcases impressive skyscrapers and contemporary architecture. The city is dotted with condominiums, strategically placed in desirable locations, offering a fusion of opulence and convenience that appeals to both locals and foreigners. These properties offer a plethora of facilities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living and making them highly appealing to prospective renters and buyers. For investors, these upscale features mean higher rental returns and a steady increase in property values over the years. This is why many are turning to Singapore Projects for their real estate investment needs.
Wee Ping Goh, CEO of Wee Hur Capital, says, “In 2021/2022, amidst global uncertainty, we acted decisively to secure liquidity and certainty through our successful recapitalization with RECO. Two years later, as the PBSA market rebounded and our portfolio approached full stabilisation, we seized another opportunity to unlock maximum value for our stakeholders through this landmark transaction.”
The Singapore Exchange (SGX) has granted Wee Hur a 30-month extension to release its financial results, which will now take place by September 30, 2023.