Singapore Press Holdings, or SPH, posted a 22.8 million pound, or around S$38.4 million, revaluation gain on its student accommodation portfolio.
The gain came within a year of SPH’s entry into the student accommodation segment with an initial 180.5 million pound investment, the property and media company said in a filing to SGX Monday.
SPH has since grown the portfolio to 338.4 million pounds, after further investments, the filing said, adding Cushman & Wakefield has valued the porfolio at 361.2 million pounds as of end-August, providing the revaluation gain.
“The fundamentals of the student accommodation sector remain strong, underpinned by the recognition of the value of a U.K. degree. There were more than 560,000 applications for full-time undergraduate courses at U.K. universities for the academic year 2019/20,” SPH said.
“Overseas demand is likely to be supported by the UK government’s plans to boost international higher education student numbers to 600,000 by 2030,” SPH added.
The company said it has a centralized marketing and sales office in China to capitalize on demand from Chinese students for U.K. higher education.
SPH said its student accommodation portfolio has 5,059 beds across 10 U.K. cities.
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