Singapore group buys distressed tower as Hong Kong’s student housing demand accelerates
Acquisition of 26-storey building highlights growing international appetite for city’s distressed assets as banks step up property disposals
The company said in a filing to the Singapore Exchange on Tuesday evening that it had acquired One Bedford Place for an undisclosed sum, deepening its push into Hong Kong’s fast-growing student accommodation market.
“This investment reflects our conviction in the long-term demand for student accommodation in Hong Kong,” said Glen Lim, assistant vice-president at Wee Hur Capital.
The 26-storey office building in Tai Kok Tsui was taken over by Bank of East Asia earlier this year after developer Lofter Group encountered financial difficulties. Wee Hur plans to reposition the property as purpose-built student accommodation, with operations expected to begin in the first half of 2028, subject to regulatory approvals.
The acquisition marks Wee Hur’s second student accommodation investment in Hong Kong in less than a week. On Thursday, the company announced its entry into Hong Kong’s purpose-built student housing market through Starvia by Y Suites in Fortress Hill, a 246-bed project operated through a joint venture with Starvia Holdings.
