Wee Hur unit in JV to build Wycombe Abbey international school in Singapore
It also plans to consolidate its purpose-built student accommodation assets under a new fund
[SINGAPORE] Wee Hur announced on Wednesday (Oct 22) that its wholly owned subsidiary Wee Hur Property has entered into a joint venture (JV) to develop an international school in Singapore.
Under the JV, the unit will develop a foreign system school known as the Wycombe Abbey School (Singapore) on a land site at Hougang Avenue 3.
Wee Hur said the JV is in line with its strategy of investing in “demand-driven property segments that generate sustainable, long-term value”.
It added that the project will leverage its “expertise in education-related and institutional developments”.
Earlier, on Oct 6, Wee Hur Property entered into a shareholders’ agreement with the JV parties WM (IS), WA Education Service and Wycombe Abbey School (Singapore).
That agreement concerned the JV in Wycombe Abbey School (Singapore), a special purpose vehicle (SPV) company incorporated in Singapore in January.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Wee Hur said its subsidiary’s shareholding in the SPV company comprises 49 per cent of ordinary shares and 60 per cent of class B shares.
WA Education Service holds 51 per cent of ordinary shares and 30 per cent of class B shares. WM (IS) has 10 per cent of class B shares.
New fund to acquire ninth PBSA asset
Separately, Wee Hur also announced on Wednesday that its other wholly owned subsidiary, Wee Hur Capital, had on Monday entered into a trust deed with Perpetual (Asia) for the establishment of the Wee Hur PBSA Fund III A (WHF3A).
Anchor Urban Development, an 80 per cent-owned Australian subsidiary of Wee Hur, is proposing to sell Grenfell Property, an 868 square metre freehold property located in Adelaide, Australia, to WHF3A.
This is part of the group’s “ongoing initiative to consolidate its purpose-built student accommodation (PBSA) assets under WHF3A”.
Comprising 708 beds, the property will be the group’s ninth PBSA asset. Development works on the property commenced in June 2025 and are targeted to be completed by the second half of 2027.
Under the deed, Wee Hur Capital is the fund’s manager and Perpetual (Asia) is the trustee. Wee Hur (Australia) is the sponsor of the fund.
Shares of Wee Hur ended on Wednesday 0.7 per cent or S$0.005 higher at S$0.705, before the news.
Copyright SPH Media. All rights reserved.
