Singapore-based developer and fund manager Wee Hur Holdings has entered Hong Kong’s student housing market with two transactions, including the acquisition of a distressed Kowloon office tower and a master lease on a 246-bed student accommodation asset on Hong Kong Island, according to Mingtiandi.
Wee Hur is acquiring One Bedford Place, a new commercial tower in Tai Kok Tsui, Kowloon, for just under HK$750 million ($96 million) from receivers appointed by Bank of East Asia, according to market sources cited by Mingtiandi. Local reports in February valued the 29-story property at HK$1.98 billion ($253 million).
The 144,000-square-foot tower is located near Prince Edward and Olympic MTR stations, as well as Hong Kong Polytechnic University’s West Kowloon campus and Hong Kong M
