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- The Marshgate Lane project forms part of Gamuda Land’s plan to deliver up to 3,000 student beds across UK cities in the next five years.
KUALA LUMPUR (Oct 24): Gamuda Land, the property arm of Gamuda Bhd (KL:GAMUDA), has acquired a site at 14 Marshgate Lane in Stratford, London, for a purpose-built student accommodation (PBSA) project with an estimated gross development value of RM600 million.
According to a press statement issued on Friday, the 321-bed project will be the company’s first fully owned, self-developed and self-managed PBSA in the UK.
Targeted for completion in the academic year 2028/29, the development is located near University College London’s UCL East campus and the London College of Fashion, with a combined student population of more than 10,000. It will also be close to Westfield Stratford, the largest shopping mall in London.
The land’s acquisition price was not disclosed.
The Marshgate Lane project forms part of Gamuda Land’s plan to deliver up to 3,000 student beds across UK cities in the next five years.
Including the latest project, Gamuda Land’s UK PBSA portfolio comprises 1,232 beds across three sites.
Its other UK projects include Press House in Woolwich, London, a joint venture with Q Investment Partners that will deliver 419 beds by 2027, and City Wharf in Glasgow, a 492-bed project in partnership with Dandara Living due in 2026.
“PBSA is a counter-cyclical asset class underpinned by strong and consistent student demand, which helps balance our residential and commercial portfolios,” said Gamuda Land chief executive officer Chu Wai Lune in the statement.
He added that the UK’s large international student base and limited PBSA supply support long-term earnings visibility.
Gamuda Land’s total UK project in the pipeline stands at around £1.5 billion (RM8.4 billion), including the £1.2 billion redevelopment of 75 London Wall in partnership with Castleforge.
The company’s UK portfolio also includes the West Hampstead Central build-to-sell residential development.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
