“In the middle of last year, despite difficulties in travelling, we have identified PBSA as a resilient asset class because people will still need to study during good times or bad times. And perhaps during the bad times, they will study more,” says Yip, adding that all of the company’s PBSA properties are located near universities.
Once a household name in Singapore, Metro Holdings (SGX:M01
) was known for its chain of department stores. At its peak in the early 2000s, Metro had 11 stores across the island. While its competitor Robinsons shuttered its doors in January 2021 after being in the market for over 160 years, Metro has proven more resilient, maintaining two stores in Paragon at Orchard Road and Causeway Point in Woodlands.
In its May 26 briefing for its latest FY2023 ended March results, CEO Yip Hoong Mun explains that the retail landscape will remain challenging, especially under prevailing inflationary pressures. Hence, it will focus on maintaining its two current outlets while expanding its property investment and development segment; more specifically, Yip says that the company intends to grow its purpose-built student accommodation (PBSA) portfolio in the UK and its industrial and logistics properties in Singapore.
