Perth to Host 835-Bed Student Housing Development Backed by Mapletree Investments

Singapore’s Mapletree Enters Australian PBSA Market with Major Perth Acquisition

Singapore-based property giant Mapletree Investments has made a decisive entry into Australia’s student housing market through the acquisition of a landmark 835-bed purpose-built student accommodation (PBSA) project in central Perth. Valued at $300 million upon completion, the development represents a strategic expansion into one of the world’s most advanced PBSA sectors. Located just minutes from Edith Cowan University and Curtin University’s Law School, the project is scheduled for delivery in 2028 and underscores growing investor confidence in Australia’s international education ecosystem and urban campus infrastructure.

This move forms part of Mapletree’s broader growth strategy, as the company currently manages nearly $100 billion in property assets across Asia Pacific, Europe, the United Kingdom, and the United States. Student accommodation is one of four core investment pillars for the firm, alongside logistics, office, and data centres. According to Matt Walker, Chief Executive for Student Housing, Australia has been identified as a priority market due to the maturity and resilience of its PBSA sector. Walker described Australia’s PBSA market as the third most advanced globally, following the United States and the United Kingdom. He noted that Mapletree had been monitoring opportunities for some time, and that current market conditions made it an opportune moment to establish a scalable presence. Rather than pursuing isolated transactions, the company intends to build scale across multiple cities, indicating that further acquisitions are anticipated.

This strategy aligns with prevailing trends in institutional investment, where long-term asset aggregation is favoured over fragmented holdings. Moreover, Mapletree’s entry into Perth reflects a growing interest in second-tier university cities, which offer robust demand fundamentals and face fewer regulatory constraints compared to Sydney and Melbourne. Despite the dominance of five major PBSA providers, UniLodge, Scape, Iglu, Campus Living Villages, and Greystar, who collectively account for approximately 80% of supply, the sector remains significantly underserved. Research by CBRE reveals that nearly one in three university students in Australia is international, yet there is only one PBSA bed for every 15 students. In contrast, the United States and the United Kingdom offer ratios closer to 1:2 or 1:3, highlighting a substantial supply gap and a clear opportunity for growth.

Walker acknowledged that government caps on international student numbers could pose a risk; however, he emphasised that the sector’s economic importance makes stringent restrictions unlikely. He further observed that regional universities, such as those in Perth, are less exposed to such policy pressures, thereby enhancing their appeal to investors. The Perth site, located on Wellington Street, is strategically positioned just 350 metres from Edith Cowan University and 900 metres from Curtin University’s Law School. It will also benefit from Edith Cowan’s new city campus, set to open next year within a three-minute walk of the housing facility. This proximity reflects a broader trend in urban campus integration, where student accommodation is embedded within walkable, mixed-use precincts that support academic and community life.

The project was initially pursued by local investment firm Alceon, which acquired the site, originally earmarked for a hotel, from offshore investors and secured development approval with the support of the City of Perth. Although ownership has now transferred to Mapletree, Alceon will remain involved as development manager, bringing local expertise to oversee the project’s completion. Globally, Mapletree manages approximately 27,800 student beds across 79 properties in the United Kingdom, the United States, Canada, and Germany. The Perth development is expected to be incorporated into one of the company’s private funds, which operate alongside its three Singapore-listed real estate investment trusts (REITs) and nine private equity real estate funds. This structure enables Mapletree to diversify investor exposure while maintaining operational control across geographies.

The company is wholly owned by Temasek, Singapore’s sovereign investment arm, which has played a pivotal role in shaping global real estate flows through state-backed capital. Mapletree’s expansion into Australia reflects a broader strategy of targeting resilient, high-demand sectors such as student housing, particularly in markets with strong international education ecosystems. As Australia continues to navigate migration policy, housing affordability, and regional development, the role of PBSA is set to become increasingly central. Experts suggest that government incentives, planning reforms, and university-private sector partnerships could help address supply gaps and ensure equitable access for both domestic and international students. Mapletree’s Perth acquisition signals long-term confidence in Australia’s education and property sectors, with further investments likely to reshape the student housing landscape through greater diversification, improved infrastructure, and enhanced global collaboration. Australia’s PBSA future will depend on resilient funding, inclusive planning, and strategic international partnerships.

Editor’s Note:

Mapletree Investments, a Singapore-based property group, has made a significant move in Australia's purpose-built student accommodation (PBSA) sector by acquiring a major project in Perth. This acquisition highlights the growing influence of international capital in Australia's higher education infrastructure and reinforces the country's status as a leading global student housing market. The report sets out the scale of Mapletree’s investment and situates it within the company’s broader international strategy, which focuses on resilient and high-demand asset classes. It highlights how Australia’s PBSA market, though advanced, still faces a structural undersupply compared with the United Kingdom and the United States. The growing demand from international students, combined with ongoing housing pressures, places PBSA at the centre of both investment decisions and policy discussions.

At the same time, the article points to the risks linked to regulatory shifts, particularly caps on international student enrolments. It notes, however, that the economic contribution of the education sector makes strict limitations less likely, and that cities such as Perth may be better positioned to withstand such pressures than traditional hubs like Sydney and Melbourne. The collaboration between Mapletree and Alceon, alongside the support of the City of Perth, illustrates how global investment and local expertise can combine to meet urgent needs. Such examples reflect broader themes in urban development, where private capital and public frameworks must work together to deliver sustainable outcomes.

Skoobuzz underlines the commercial importance of this project and its broader impact on students, universities, and communities. As global education grows and urban areas evolve, the future of student housing will rely on robust funding, inclusive planning, and strategic cross-sector collaboration.