Singapore-listed property and construction company Wee Hur Holdings has acquired One Bedford Place, a 26-storey Grade-A commercial building with two basement levels in Tai Kok Tsui, Kowloon, in Hong Kong, for an undisclosed sum.

According to Mingtiandi, the purchase price was just under HK$750 million ($123 million).

The building has a total gross floor area of about 184,000 sq ft and will be repositioned as a purpose-built student accommodation (PBSA) with 500 beds, with operations expected to commence in 1H2028. The property is a short walk from Prince Edward MTR Station and within 30 minutes of four major universities.

The acquisition marks Wee Hur's second student accommodation deal in Hong Kong within four days. Earlier, on June 5, Wee Hur Hospitality entered into a joint venture with private company Starvia Holdings Ltd to operate a 246-bed serviced apartment complex in Fortress Hill under its Y Suites brand through a master lease agreement.

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Hong Kong’s PBSA market is in a growth phase, supported by government policy to position the city as an international post-secondary education hub. As the only city in the world with five universities ranked in the global top 100, Hong Kong continues to attract a growing pool of non-local students, totalling 92,000 in the 2024/2025 academic year, according to Colliers.

The rapid increase in student numbers has created a significant shortage of purpose-built accommodation. Colliers estimates the current supply gap at about 94,000 beds and expects total demand to reach 172,200 beds by 2028, widening the shortfall to around 120,000 beds.

“This investment reflects our conviction in the long-term demand for student accommodation in Hong Kong,” says Glen Lim, assistant vice president, Wee Hur Capital.