UK: Singapore-based real estate group Far East Orchard has acquired a 239-bed PBSA site in Manchester for £10.9 million.
The new facility is expected to be completed in 2028 and marks the group’s first project in the city.
The site, located on a 275-year leasehold, received planning permission in 2023. It will be developed through a subsidiary, Plymouth Grove Development, which is held under a limited partnership with the private student accommodation fund FE Student Accommodation Development (FESAD).
This deal brings Far East Orchard’s UK student housing portfolio to more than 4,900 beds, including operational projects and those in development. It also marks FESAD’s second project, following its acquisition of a Glasgow PBSA site in 2024, due for completion in 2026.
Far East Orchard’s UK arm holds a 50 per cent stake in the Manchester project. Aurum Investments, part of Singapore construction firm Woh Hup Holdings, owns 21.4 per cent, while an unnamed third-party investor holds the remaining 28.6 per cent.
Alan Tang, group chief executive officer of Far East Orchard, said: “The venture into Manchester is an exciting move into a new UK city for the group’s PBSA business segment, and we are pleased to continue this journey with Woh Hup through the fund we established in 2024.”
Tang said student accommodation remains a key pillar in the group’s strategy to build a resilient lodging platform focused on sustainable and recurring income.
The total development cost of the Manchester scheme, including acquisition, is expected to be around £47 million.
