Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Student accommodation

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Sydney has replaced London as the most expensive place to study for international students outside the US, with a monthly cost of $4,700, says a recent Savills report.
The strengthening Aussie dollar pushed Sydney higher than London to fourth position globally among the 20 cities examined.
London was dragged down by a weaker sterling, according to Savills annual World Student Housing cost of living, accommodation and tuition rankings.
It now costs $4,600 a month to be an international student in London.
Savills World Research, using data by Student.com, calculated that living and studying costs in London have dropped as fluctuations in the value of sterling has made the city cheaper for international students. 
Boston, New York and San Francisco have retained their positions as the world’s top three most expensive cities for international students, each costing in excess of $5,500 a month, 20% more than the next dearest city. 
Australia remains the third most popular country for international students, as the overseas student population continues to increase in both universities and other education sectors, said a recent Savills report.
<a href="https://www.propertyobserver.com.au/images/2017/10/12/SavillsStudent1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/10/12/SavillsStudent1.png" alt="">
Mainland European cities, however, stand apart for their affordability and are well positioned to attract cost-conscious globally mobile students, according to Savills.
Prague, Berlin, Vienna and Warsaw are the cheapest cities in which to study, on par with Shanghai. Tuition costs in these cities are minimal, accommodation costs are half the average of the 20 cities examined, while quality is improving thanks to an increase in purpose-built student housing.
The rapid growth in international student numbers has underpinned demand for high quality student housing across the globe, but the type of product they want varies by region. 
Data from Student.com shows that students from the Middle East and China typically take the longest tenancies, 90% and 87% respectively for a full academic year, which may increase accommodation costs for students from these regions, while those from the US and Asia Pacific (including Australia) are most likely to rent for shorter periods. 
<a href="https://www.propertyobserver.com.au/images/2017/10/12/SavillsStudent2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/12/SavillsStudent2.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/10/12/SavillsStudent3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/12/SavillsStudent3.png" alt="">
When it comes to room type preferences, there is relative uniformity across the globe. Students from the Middle East are slightly more likely to rent an entire property or studio, however, echoing their typically larger average budgets.
“The optimum ratio for student housing varies not only by country, but by town or city. Many universities supply their own accommodation, but lack the funds or expertise to upgrade this to modern standards,” said Marcus Roberts, director in the residential capital markets team at Savills.
Roberts added that this opens up opportunities for JVs and partnering arrangements with private sector operators to deliver housing that ticks the boxes with students, particularly in the under-served middle tier between lower-quality university stock and more expensive premium products.
Luke Nolan, founder and CEO of Student.com, said students will always opt for at least some level of privacy, especially for the space in which they sleep and the feedback is that being close to campus is the number one priority.
The most popular social spaces revolve around fitness, entertainment and study.
"Students expect more and the industry caters to student requirements, which drives an upward pressure on rents – especially since most mature markets still don’t have enough student housing," Nolan said.
"Honestly, in the end, the winning factor is the community and not specs, so if you want to invest in anything, invest in the student experience."
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jonathanchancellor-7SQnKwU6yx

Sydney more expensive than London for international students: Savills

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Student accommodation and design prowess don't necessarily go hand in hand, in fact many of Melbourne's dated student accommodation buildings are an affront to the senses.

Generally very repetitive in every aspect of their design, very few cut through and resonate with a sense of design nous. One such project that does deserve its moment in the sun is Deakin University's freshly completed Burwood student accommodation project sited on Uganda Street.

Delivered by ADCO Constructions, the new Burwood facility differentiates itself from many, if not all of its inner city counterparts is that it has an asset that seldom few can boast; space, and an abundance of it. Perhaps the best feature of the Burwood student accommodation project is that this space isn't treated as an afterthought, it is integral to both the new building and the wider precinct.

Thoughtful use of the space surrounding the new complex manifests itself by way of landscaping and extensive placemaking.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_4179.jpg" rel="gallery-all" title="Deakin Burwood Campus' latest addition"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_4179.jpg?itok=X4jDDDMA" title="Deakin Burwood Campus' latest addition" width="580"></a>

<figcaption>Deakin Burwood Campus' latest addition</figcaption></figure>Designed by Nettleton Tribe, the project is spread over three wings, with internal apartments generally configured in a 2, 4 and 6 bedroom format, providing on-campus accommodation for an additional 575 students.

Built over 17 months, key internal features include a central common area with lounge and kitchen/dining zones, multiple communal study zones and student car parking. Rooftop solar panels adds to the buildings credentials but it is at ground level where the new facility excels.

The accommodation's three separate wings has allowed for a network of pathways and green spaces to take precedence. Adjacent to the build is an open plan recreation space which features flexible format furniture, a games area, outdoor entertainment area with BBQ, various styles of seating and lighting to the majority of areas.

These spaces funnel through the ground level plane of the new complex, effectively creating a focal point.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_4245.jpg" rel="gallery-all" title="Green space and considered placemaking is apparent"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_4245.jpg?itok=530BVCi2" title="Green space and considered placemaking is apparent" width="580"></a>

<figcaption>Green space and considered placemaking is apparent</figcaption></figure>Nettleton Tribe's latest design also links with their 2012 student accommodation building and beyond. Deakin University's considerable investment also sees placemaking initiatives such as the <a href="http://www.deakin.edu.au/locations/melbourne-burwood-campus/building-projects/burwood-link">Burwood Link</a> currently under construction.

Impressive as Deakin University's new Burwood student accommodation project is, it doesn't stand alone as a shining example of the typology in Melbourne's suburbs. Mention should go to RMIT Bundoora's McKimmies Road facility and Monash Clayton's Student accommodation Precinct; both of which go to great lengths in melding new buildings effectively with their surrounds by way of extensive landscaping.

See below further images of Deakin University's new student accommodation building.
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silvermb

Deakin Burwood's new student accommodation building embraces the space

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A 92-room building currently used for student accommodation in Sydney’s lower North Shore suburb of Greenwich has sold for $14.9 million.
The <a href="https://www.realcommercial.com.au/property-offices-nsw-greenwich-501714013" target="_blank">33 Greenwich Road</a> property has four floors and is approved for 175 beds in total and has a building area of nearly 3,230 sqm and land area of 4,290 sqm.
Each floor excluding the ground floor has separate male and female bathrooms, common kitchenette, store rooms, ironing room and a cleaner’s cupboard. The building also consists of a commercial kitchen, cafeteria area and a manager’s flat.
The selling agents were Darren Pienaar and Michael Culibrk of Gerard Cole Property Consultants.
The property is close to shopping precincts, schools and public transport. 
The property last traded in 2012 for $6.25 million, according to Corelogic RP Data.
Student accommodation has been a growing asset class for investors. Last month, Furnished Property, a student accommodation provider, put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
 
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Student hostel in Sydney's Greenwich sold for $14.9 million

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The thriving student accommodation market doesn’t seem to be popular with lenders despite top yields.
Student apartments around major universities and colleges regularly generate 8 per cent yields, or twice the return of most short-term savings products, according to agents specialising in student property. But with most major banks blacklisting inner-city high-rises and tightening criteria for investors, purpose-built student apartment values are continuing to fall.
Stephen Fitzsimon, head of business development for Melbourne Real Estate, which rents more than 1,000 apartments in Melbourne's CBD, told The Australian Financial Review that the price of a small apartment purchased about a decade back had dropped by about 10 per cent to $210,000.
Fitzsimon said demand for accommodation from overseas students (particularly from China and India) is "off the charts" and "continues on an upwards trajectory".
More than 170 groups of students recently registered to view a one-bedroom apartment in Melbourne's CBD that was renting for about $430 a week, he said. 
"These apartments are yielding through their teeth.”
Rental activity will pick up further as the start of the second academic semester nears.
But lenders are reluctant to lend to investors, the AFR reported.
Lending to investors must be capped at 10 per cent annual growth, says APRA.
"If the banks changed their lending policy to allow normal mums and dads to buy, prices would go up because the yields are so strong."
Student apartments are popular with cashed-up self managed superannuation fund (SMSF) investors and retirees looking for yield. 
Overseas buyers are holding on to the apartments because capital losses have been offset by the rising Australian dollar. They are also used to offshore assets, particularly Chinese investors.
The gap between student numbers and student accommodation is rising.
In Melbourne, it is more than 84,000, according to JLL, while in Sydney it is about 43,000 and in Brisbane – excluding the Gold Coast – more than 18,000.
The gap reflects the underlying demand.
Savills' director of student accommodation Conal Newland said the ratio of purpose-built student accommodation in Sydney, Melbourne and Brisbane is about one bedroom for every 10 students, compared with more than two and a half bedrooms for each student in more established markets like London.
Overseas students in Australia are expected to increase to between seven and eight million in the next eight years from about 4.5 million now. 
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Student units earn top yields, but lenders' reluctance pushes prices lower  

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A student accommodation provider has put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
The Furnished Property business currently provide 326 beds in 203 bedrooms and offer student and short-stay accommodation.
The listing comes amid a trend of increasing student numbers in the Harbour City. 
Full time international student numbers in Sydney’s five largest central Sydney universities showed strong growth in the last two years of available data (2014/2015) with increases of 4,115 and 3,221 respectively, according to Savills. 
Anecdotally, it appears that this growth has continued in 2016/2017, it says even as supply struggles to keep up with demand.
Savills Research indicated that 2,022 beds are in the development pipeline with development approval, or under construction, with expected completions from 2018-2020. 
The marketing is being handled by Conal Newland of Savills Australia.
<a href="https://www.propertyobserver.com.au/images/2017/06/21/SAVILLSSTU.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/21/SAVILLSSTU.png" alt="">
Newland had previously noted that there was a "critical undersupply" of appropriate Purpose Built Student Accommodation (PBSA) in Sydney.
The Furnished Property portfolio currently targets students, but is flexible enough to attract other occupiers.
“First established in 2001 by the current owners of the Furnished Property Business, the portfolio has steadily grown over the last 16 years. Its extensive track record of profitable performance demonstrates excellent margins and growth and includes a diversified range of accommodation offerings,” said Newland.
The portfolio comprises self-contained studios, one and two-bedroom apartments, together with twin and triple shared bedrooms. Most properties have communal facilities.
The majority of the properties are within 3.5 km of the Sydney CBD and all are close to amenities and public transport, according to Savills.
The expressions of interest campaign for Furnished Property closes July 19. 
“This portfolio presents an existing opportunity to acquire a well-established student housing business with significant opportunities to enhance returns and expand further into Sydney’s buoyant short-term accommodation market,” Newland said.
 
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Furnished Property lists 14 student accommodation properties for sale 

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In light of the boom in student accommodation projects, Apartments.com.au recently took the opportunity to chat with Hayball duo Marcus Ieraci and Tom Gilbert.

As senior members of the Southbank-based design practice, both are heavily involved in Hayball's numerous student accommodation endeavours, and are all to happy to outline where the sector has come from in Melbourne, and more importantly, what lies ahead.

As a point of reference Hayball has designed 6,726 student accommodation beds to date, and have a further 5,474 beds in design and development. <a href="https://www.cbp.com.au/insights/2016/june/student-accommodation-market-in-australia-growing">Research</a> indicated that during 2015, Hayball was working on approximately 20% of all projects within the student accommodation market.

But both demand and design weren't always to current levels.

Tom Gilbert explains that prior to the Global Financial Crisis of 2009, the student accommodation market was a very different beast. In those times student accommodation developments generally consisted of strata owners buying into projects where studios were stacked atop one another, and the design nous was akin to that of a silo.

Built at the lowest price possible, they led to rudimentary design and livability outcomes. Post the Global Financial Crisis a hiatus in student accommodation occurred as the strata model fell by the wayside, whilst overseas student numbers grew steadily in the interim.

A new model of student accommodation delivery was taking shape in response to the <a href="http://www.jll.com.au/australia/en-au/Research/jll-australian-student-accommodation-market-update-2015.pdf">shortage of beds</a>.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image204.jpg" rel="gallery-all" title="Urbanest at 599 Swanston Street"><img alt="" class="image-article-full-width-580px" height="278" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image204.jpg?itok=WwmK_0AO" title="Urbanest at 599 Swanston Street" width="580"></a>

<figcaption>Urbanest at 599 Swanston Street</figcaption></figure>The entrance of investment vehicles backed by multinational/institutional funding has led to a 'ready to go' mentality for project delivery. It has also led to the typical student accommodation project now being a very different beast.

Marcus Ieraci explains that even though a handful of players are now dominating the development scene within the sector, competition to attract students and the endorsement of any given university is high. Add the extensive research undertaken by institutions such as University of Melbourne, and the design of the once humble student accommodation building has radically changed.

It's this university driven research that shows students are looking for the inner city living experience close to their place of education, but not necessarily on campus. Design informed by research on how students prefer to study, socialise and interact within these new buildings has given rise to the cluster formation; a 'dormitory' of sorts.

Tom Gilbert adds that of current crop of developers in the sector, some are simply misreading the market and still providing solely studios.

Hotel like in their amenities and appearance, all student accommodation designs also now include Melbourne City Council's mandate that there must be a minimum of 1.25sqm of communal space per student within any given development. More astute players are pushing the envelope to 2.5sqm in light of the competition between providers.

Marcus Ieraci maintains that these communal areas are at the crux of the modern student accommodation building, where design budgets and allocated space are tight yet pivotal to the end result. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2056_1_flem_rd_v03.jpg" rel="gallery-all" title="The amalgamated Bedford Place / Flemington Road will feature cluster living spaces"><img alt="" class="image-article-full-width-580px" height="678" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/2056_1_flem_rd_v03.jpg?itok=S2dpXeRL" title="The amalgamated Bedford Place / Flemington Road will feature cluster living spaces" width="580"></a>

<figcaption>The amalgamated Bedford Place / Flemington Road will feature cluster living spaces</figcaption></figure>Currently Hayball's major Melbourne student accommodation projects include Blue Sky's 42-50 La Trobe Street, Urbanest's 599 Swanston Street, 1 Flemington Road plus Blue Sky’s Waymouth Street accommodation in Adelaide.

In the light of design features which champion communal spaces, connectivity, dynamic design and interaction with one's surrounds, the question was posed regarding the future direction of student housing, both in Melbourne and in the wider context.

Marcus Ieraci believes that Hayball's La Trobe project is a true ground breaker in a number of regards. A light weight facade and light structure thanks to builder Hickory Group's HBS method will allow for speed of construction, increased build quality and adaptability upon completion. Modern student accommodation builds increasingly have an eye toward the future. 

Extensive modelling during design allows for facades and even entire floors to be adjusted for different use, should a need arise down the track.

Overseas design trends also factor into current design considerations. Tom Gilbert points toward the emerging trend of communal design aspects within student accommodation projects where research, commercial and residential elements blend to create incubator-like environment. Melbourne has yet to see this format.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1996_c_v01.04_extheroaa_0.jpg" rel="gallery-all" title="Hayball cite 42-50 La Trobe Street as a benchmark design for student accommodation"><img alt="" class="image-article-full-width-580px" height="463" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1996_c_v01.04_extheroaa_0.jpg?itok=zqiHSvlQ" title="Hayball cite 42-50 La Trobe Street as a benchmark design for student accommodation" width="580"></a>

<figcaption>Hayball cite 42-50 La Trobe Street as a benchmark design for student accommodation</figcaption></figure>
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Hayball discuss the evolution of Melbourne's student housing sector

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The inner city's sustained surge in student housing projects is poised to churn out three additional developments, all of which are currently navigating through planning.

As demand for inner city apartments has waned, student accommodation proponents have seized the opportunity to add further key sites across inner northern suburbs to their respective portfolios. As the frenzied sale (and sale prices) of prospective development sites has cooled, a handful of key institutional players have muscled in on land acquisitions.

This coupled with the expansion/conversion of existing buildings, has seen the student accommodation sector mushroom rapidly; Apartments.com.au's Project Database now includes 16 dedicated student accommodation developments, with more to follow.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image69_6.jpg" rel="gallery-all" title="Whitley College's proposed revamp. Planning image: Rothelowman"><img alt="" class="image-article-full-width-580px" height="299" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image69_6.jpg?itok=OT0UAZeD" title="Whitley College's proposed revamp. Planning image: Rothelowman" width="580"></a>

<figcaption>Whitley College's proposed revamp. Planning image: Rothelowman</figcaption></figure>Most recent to the database is GSA Australia, continuing their expansion agenda with 263-281 Royal Parade.

The Parkville address which currently plays host to Whitley College is in line for a substantial expansion. Designed by Rothelowman, the scheme requests additional levels be added to the existing doughnut-shaped sandstone building, with a new six level wing added to the rear of the site.

The project's estimated cost of development is $32 million and results in 366 student rooms.

This is GSA Australia's fourth Melbourne project in quick succession, with the <a href="/news/the-student-living-drive-churns-out-an-additional-tower-but-provides-no-luck-for-another">wraps coming off their most recent</a> only last week.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image70_5.jpg" rel="gallery-all" title="A revamped scheme for Wreckyn Street. Planning image: Nettleton Tribe"><img alt="" class="image-article-full-width-580px" height="278" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image70_5.jpg?itok=An7NXW74" title="A revamped scheme for Wreckyn Street. Planning image: Nettleton Tribe" width="580"></a>

<figcaption>A revamped scheme for Wreckyn Street. Planning image: Nettleton Tribe</figcaption></figure>Also on the agenda is a reworking of an approved North Melbourne site previously held by Malaysian developer Mammoth Empire.

The approved apartment scheme has been superseded by a Nettleton Tribe design for operator UniLodge. At 9 levels the new 15-27 Wreckyn Street incorporates 420 beds split between individual and multishare options. 85 bicycle spaces and a cafe tenancy are also present, as are numerous common areas.

Having <a href="http://www.afr.com/real-estate/mammoth-sells-north-melbourne-site-to-unilodge-for-student-accommodation-20161220-gtexg9">sold the site for $17 million</a> late last year, the transaction pocketed Mammoth Empire $5 million for the two years that it was in control of 2,271sqm site.

From UniLodge's perspective, 15-27 Wreckyn Street joins <a href="/news/inter-war-and-student-to-the-core-another-whopping-student-accommodation-project-unveiled">123-135 Bouverie Street</a> as the operators pending inner city projects.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image44_1.jpg" rel="gallery-all" title="Bedford Place's now defunct apartment project. Image: Vinci Carbone"><img alt="" class="image-article-full-width-580px" height="317" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image44_1.jpg?itok=Uor-As_8" title="Bedford Place's now defunct apartment project. Image: Vinci Carbone" width="580"></a>

<figcaption>Bedford Place's now defunct apartment project. Image: Vinci Carbone</figcaption></figure>Finally, Brisbane-based Blue Sky Funds is behind 3-5 Bedford Place, situated adjacent to Haymarket Roundabout. Controlling the adjoining property at 1 Flemington Road which has approval for a Hayball-designed student tower, Blue Sky have sought the conversion of the Bedford Place permit from 53 apartments to student accommodation predominantly consisting of 3 or 5 bedroom clusters.

In line with its new purpose, the Bedford Place property which is now under the guidance of design practice Hayball, has lost its basement level and has been significant reworked internally. Externally the reworked design remains within the bounds of the approved envelope.

It's proposed that both buildings are to be constructed simultaneously, and will most likely fall under the recently created Atira Student Living banner.
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Three new projects step forward to further fill the student accommodation void

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Another week and another student accommodation tower enters the Apartments.com.au Project Database.

Following on from a string of fresh projects seeking their place in the expanding sector, GSA Australia's intentions for a Queensberry Street plot are the latest to be unveiled. 198-208 Queensberry Street is GSA Australia's third current student housing project, after <a href="/new-apartments/205-223-pelham-street-carlton">205-233 Pelham Street</a> and <a href="/developments/melbourne-vic-3000">684-688 Elizabeth Street</a>.

The work of DKO Architecture, the Queensberry project involves 229 beds within 136 apartments. 

On a 546sqm corner plot, the tower spans 14 levels and draws heavily upon two fellow DKO Architecture projects. Above the retained low-rise facade, the glazed section references their <a href="http://www.dko.com.au/cms_subcat_14/marina-tower-docklands-melbourne">Marina Tower</a> project, whilst precast elements closely resemble the pattern across DKO Architecture's <a href="http://www.dko.com.au/cms_subcat_14/the-metropolitan-melbourne">Metropolitan</a> design.

198-208 Queensberry Street and 684-688 Elizabeth Street are likely to follow the Pelham Street example by way of being managed by The Student Housing Company.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image7_13.jpg" rel="gallery-all" title="GSA Australia's latest play within the student market. Planning image: DKO Architecture"><img alt="" class="image-article-full-width-580px" height="405" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image7_13.jpg?itok=zypFfzRI" title="GSA Australia's latest play within the student market. Planning image: DKO Architecture" width="580"></a>

<figcaption>GSA Australia's latest play within the student market. Planning image: DKO Architecture</figcaption></figure>Conversely, a student tower slated for Caulfield East has come unstuck during planning.

Applicant Derby Road Developments Pty Ltd late last year submitted plans for a substantial 18-storey student accommodation building at 9-13 Derby Road. 158 student units, 15 car parking spaces, 51 bicycle parking spaces, a 150sqm retail premises/shop fronting Derby Road and communal facilities across levels one and five were envisaged.

Earlier this month Glen Eira chose to issue a Notice of Refusal for the tower which falls within the Phoenix Precinct adjoining Monash University.

Issues cited with the proposal include its inability "to respond to the fine grain rhythm and heritage character along Derby Road as the scale and form of the podium and tower are inconsistent with the scale and form of existing buildings in the Derby Road Heritage Overlay Area. The building proposed to be partially demolished is identified as a contributory building in this heritage area. Council discourages the demolition of Contributory buildings in heritage areas."

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image9_13.jpg" rel="gallery-all" title="Derby Road may not see this 18 level tower become reality. Planning image: Interlandi Mantesso Archtects"><img alt="" class="image-article-full-width-580px" height="378" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image9_13.jpg?itok=fxVH8YA6" title="Derby Road may not see this 18 level tower become reality. Planning image: Interlandi Mantesso Archtects" width="580"></a>

<figcaption>Derby Road may not see this 18 level tower. Planning image: Interlandi Mantesso Architects</figcaption></figure>The student accommodation sector is awash with news as developers and institutional investors seek to meet the shortfall in demand for the housing typology.

Earlier this month Apartments.com.au outlined Cedar Pacific's <a href="/news/inter-war-and-student-to-the-core-another-whopping-student-accommodation-project-unveiled">intentions for 123-135 Bouverie Street</a>, which include a further 596 rooms within the Nettleton Tribe-designed tower. In close proximity to 198-208 Queensberry Street, Icon Construction has begun works on Urbanest's 599 Swanston Street.

That project consists of a new 21-storey tower incorporating 583 student beds within a vertically bladed bronze facade.

Also earlier this month Scape Student Living <a href="http://www.afr.com/real-estate/scape-will-build-a-60storey-uni-student-residence-in-melbournes-cbd-20170427-gvtk0e">outlined plans</a> for a $300 million 60-storey tower overlooking RMIT University. The proposal includes 740 student beds, 146 city living units and a substantial amount of commercial space within the mixed-use project.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/231_urbanest-2.jpg" rel="gallery-all" title="599 Swanston Street. Image: Icon Construction"><img alt="" class="image-article-full-width-580px" height="486" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/231_urbanest-2.jpg?itok=3RqDDTH9" title="599 Swanston Street. Image: Icon Construction" width="580"></a>

<figcaption>599 Swanston Street. Image: Icon Construction</figcaption></figure>
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The student living drive churns out an additional tower, but provides no luck for another

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A heritage listed building on an otherwise vacant Bouverie Street site is set to host one of Melbourne's larger student accommodation projects, falling under the UniLodge Bouverie St banner.

Across 123-135 Bouverie Street, dual towers are proposed that would add a further 596 rooms to the Melbourne market. Nettleton Tribe are the design force behind the proposal, with institutional investor Cedar Pacific backing the development.

The Art Deco style building onsite carries a distinct clinker brickwork pattern and is considered significant for both its historic and aesthetic attributes. Formerly the Modern Printing Company Factory, it will find new life as a retail/cafe space under the new plans.

<h2>123-135 Bouverie Street application summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image93_4.jpg" rel="gallery-all" title="Eliminating a vacant Bouverie Street site. Planning image: Nettleton Tribe"><img alt="" class="image-article-full-width-580px" height="401" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image93_4.jpg?itok=tukEm3V8" title="Eliminating a vacant Bouverie Street site. Planning image: Nettleton Tribe" width="580"></a>

<figcaption>Eliminating a vacant Bouverie Street site. Planning image: Nettleton Tribe</figcaption></figure><ul>
<li>Vacant 1,616sqm site save for the heritage Modern Printing Company Factory</li>
	<li>Proposed: 14 storey residential building over two wings and 45.2m high</li>
	<li>596 rooms</li>
	<li>All rooms within UniLodge Bouverie St available on either a 6 or 12 month contract</li>
	<li>Total GFA: 7,806sqm</li>
	<li>Facilities include rain garden, recreation area, theatre, gym, lounge areas, common study areas</li>
</ul>
UniLodge Bouverie St will cater for the University of Melbourne's Parkville students. Working under a 'self-catered hostel model', prospective students will find themselves in "a collegiate community with economic room sizes matched with a significant investment in common spaces and recreational areas."

Every level includes a communal space of some sort, with the rooftop including an outdoor garden and BBQ, herb/vegetable gardens and sky lounge.

After multiple similar projects for Deakin University and the recent completion of UniLodge @ VU in Footscray, 123-135 Bouverie Street is the latest project for Nettleton Tribe. Their Bouverie Street design consists primarily of a metallic two-tone aluminium cladding, highlighted by black steel fins and white aluminium trim.

<h2>A week for announcements</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image95_2.jpg" rel="gallery-all" title="97 Franklin Street's defunct design and the new 599-605 Swanston Street. Images: Hassell &amp; Hayball"><img alt="" class="image-article-full-width-580px" height="308" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image95_2.jpg?itok=WeoXpi6X" title="97 Franklin Street's defunct design and the new 599-605 Swanston Street. Images: Hassell &amp; Hayball" width="580"></a>

<figcaption>97 Franklin Street's dated design and the new 599-605 Swanston Street. Images: Hassell &amp; Hayball</figcaption></figure>123-135 Bouverie Street's unveiling goes hand in hand with other significant news regarding Melbourne's student accommodation sector that has filtered through this week.

Scape Student Living has applied to build the world's tallest student-occupied tower on Franklin Street. Replacing approved plans for a 62 storey, 218m largely residential tower, Scape's intentions are for 740 student beds, 146 city living units and 11,500sqm of commercial space within the mixed use project.

Also this week, a fresh design has been added to the Apartments.com.au Project Database for Urbanest's approved tower at 599-605 Swanston Street. The creation of Hayball, Urbanest's latest Melbourne tower now presents as a golden tower with strong vertical elements across its facade.

The project is still expected to carry in excess of 600 student beds.
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Inter-war and student to the core: another whopping student accommodation project unveiled

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A 445 sqm landholding near Swinburne University's Hawhtorn campus has been listed for sale.
It is being billed for a multi-level residential or student accommodation redevelopment.
Colliers International’s Hamish Burgess is marketing the property with $3 million hopes.
The <a href="https://www.colliers.com.au/31771/%7B9aa36502-522a-4b99-a8c2-04e5e41b47dd%7D/" target="_blank">George Street property</a> is being marketed as highly suitable to student accommodation.
Any multi-level development has a discretionary height allowance of 22 metres.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/21/Hawthorn1.jpg" alt="" width="449" height="327">
“The site is positioned in the Swinburne education precinct and will appeal to both residential and student accommodation developers,” Hamish Burgess said. 
He said the site’s flexible Commercial One zoning under the City of Boroondara, position in the Swinburne education precinct.
Subject to council approval, buyers are likely to capitalise on the demand for both residential and student housing here, he said.
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