Mapletree enters Australia student housing market with Perth acquisition
The student accommodation market in the country remains significantly undersupplied
[SINGAPORE] Temasek-owned Mapletree Investments has made its first acquisition in the student housing sector in Australia, ahead of an expected rise in demand from the government raising the country’s cap on foreign students in 2026.
Mapletree plans to build an 835-bed student housing asset on a plot of land in Perth acquired from Australian venture capital and private equity firm Alceon Group in August 2025. The acquisition cost was not disclosed. Alceon is currently developing the 1,398 square metre site, which will be ready by February 2028.
Mapletree owns 79 purpose-built student accommodation (PBSA) assets with more than 27,800 beds across the US, UK, Canada and Germany.
Matt Walker, Mapletree’s chief executive of student housing, said: “Our latest investment reflects the group’s strategy to leverage our real estate capabilities to deepen focus on student housing as a core sector. We are excited about this scaling opportunity and look forward to delivering a top-tier asset that will greatly appeal to both students and investors.
“Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply and counter-cyclical features. In particular, Perth remains one of Australia’s most undersupplied central business districts for student accommodation despite being home to many prestigious institutions.”
The 32-storey building is expected to offer rooms of different sizes, from single-bedders to five-bedder units. Located in the Central Business District, it will be near several universities including Edith Cowan University, Curtin University Law School and the University of Western Australia.
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The student accommodation market in Australia remains significantly undersupplied, with rents increasing as much as 19.7 per cent annually in Perth and 16.1 per cent in Brisbane, according to a report by Savills in December 2024.
Demand is expected to surge, with the Australian government announcing in August 2025 that it will raise its cap on foreign students by 9 per cent to 295,000 in 2026 and prioritise students from South-east Asia.
Student housing is a core sector for Mapletree. For the financial year ended Mar 31, the sector contributed S$206.3 million to the group’s earnings before income and tax plus share of operating profit of associated companies and joint ventures.
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As at March, Mapletree is the fourth-largest student housing owner in the UK, after the acquisition of a S$1.7 billion portfolio of 31 student housing assets across the UK and Germany in April 2024.
It is also developing its own projects, having built a 453-bed project in Coventry, UK, and a 513-bed development in Philadelphia, US.
Growth sector
Other Singapore-listed players have zeroed in on PBSA as a growth sector, mostly eyeing the Australia and UK markets.
In Australia, Centurion and Wee Hur are two of the most active groups.
Centurion, the leading player in workers’ accommodation, is expected to list a new real estate investment trust as soon as September, comprising eight PBSA assets in the UK and one in Australia. As at Jun 30, it has two properties in Adelaide and Melbourne, with a total of 897 beds. Another 732-bed property is being developed in Sydney.
Wee Hur has eight PBSA assets in Australia, including a minority stake it retained in seven properties which it sold to US-based developer Greystar for A$1.6 billion (S$1.4 billion). The transaction was completed in April 2025. The eighth asset is a Sydney property which began operating in February. It also has a development site in Adelaide that will yield 708 beds when completed in 2027.
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