/Far East Orchard

Far East Orchard ventures into Scotland with Glasgow land purchase

The acquisition signals OSDL's entry into Scotland's student housing market, reinforcing its PBSA growth strategy.

Far East Orchard’s subsidiary, Osborne Street Development (OSDL), has announced its plans to acquire a plot of land in central Glasgow, Scotland for approximately S$5.1m from Nova Osbourne. 

The group desires to diversify its student accommodation portfolio into key UK cities like Glasgow. Glasgow's student population has been consistently growing, with accommodation shortage being a significant issue.

The group said this acquisition aligns with OSDL’s strategy to grow its PBSA portfolio and build sustainable income. It's expected to have no material impact on the group's financials for the current fiscal year.

ALSO READ: Far East Orchard triples net profit in FY23

The acquisition marks the group's entry into Scotland, intending to develop the site into purpose-built student accommodation (PBSA) of 273 beds.

OSDL, held under a limited partnership with Far East Orchard Investments (UK) and Aurum Investments (a subsidiary of Woh Hup Holdings), will fund the acquisition and development costs proportionally.

Completion of the acquisition is conditional upon planning permission, with expected completion of the development by 2026.

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