The partners have signed a joint venture agreement for a student residence at Nanyang Technological University's Yunnan Campus, primarily serving postgraduate students. Under the agreement, Wee Hur will design, build, finance, operate and maintain the residence, with construction scheduled to begin in Q3 2027 and opening targeted for the 2029/30 academic year.

The project is expected to operate under an initial 20‑year land lease, with two five‑year extension options. Wee Hur Property holds an 80% stake in the joint venture, while WM (Nanyang) holds the remaining 20%. Wee Hur Hospitality, the operating business behind the Y Suites brand, will support the project's operations, while Wee Hur expects to contribute S$60 million in shareholder loans to the venture.

Strategic context

The Sydney proposal follows Wee Hur's April 2025 sale of its seven‑asset Australian student‑housing portfolio to Greystar for A$1.6 billion, in which Wee Hur retained a 13% interest. The transaction allowed the group to release capital while maintaining its exposure to the Australian PBSA market, creating opportunities for further development investments.

For capital partners, the new project offers access to Wee Hur's established development and operating capabilities rather than an asset with an existing income stream. However, the proposed residence remains at an early stage, with the site option still to be exercised and the acquisition and development completed before it can begin generating rental income.

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