SINGAPORE (Mar 11): Singapore Press Holdings (SPH) announced Wednesday it will be spending an estimated total of £10.6 million ($18.9 million) in an asset enhancement initiative for nine properties in its UK Student Accommodation Portfolio.
The group says the refurbishment of these assets is to ensure a consistent level of quality across the portfolio.
The current AEI focuses on the assets acquired in September 2018, which are located in cities and towns with a predominantly domestic UK student population.
About £5.37 million of the total estimated costs will go towards the conversion of 112 non en-suite rooms at St Teresa House in Plymouth into studios.
The group says this is as more students prefer to have their own private space and access to high-end features.
The balance of the investment focuses on refurbishments of rooms and selected common areas for the other eight assets in Huddersfield, Plymouth, Sheffield, Bristol and Birmingham.
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SPH says more extensive redevelopment projects may be undertaken over time as the group expands its capabilities.
“The asset enhancement initiatives will strengthen our presence in the locations where we have built up close relationships with the local universities,” says William Lee, technical director of SPH’s student accommodation portfolio.
“We have successfully built in-house technological and developmental capabilities for both new developments and existing assets that will enable us to unlock the assets’ full value,” he adds.
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Shares in SPH closed flat at $1.87 on Wednesday. Year-to-date, the counter has fallen 14.2%.
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