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Property fund manager buys dormitory for S$127m

Market watchers say dormitories, even with short leases left, can be viable investments

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Completed in mid-2001, Homestay Lodge in Kaki Bukit Avenue 3 comprises 10 blocks - seven residential blocks, two blocks with dining and minimart facilities and an administration block.

Singapore

PROPERTY fund manager Pamfleet Group has inked a deal to buy Homestay Lodge for slightly above S$127 million.

The dormitory of about 6,000 beds in Kaki Bukit Avenue 3 sits on two plots of land totalling about 200,000 sq ft. There are about 14 years left on the lease.

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