13 Sept, 2018
International Students Helping City Grow
Council has welcomed a Deloitte Access Economics report that identified international students injected $1.5 billion into the South Australian economy in 2017. It follows news that Singaporean developer Wee Hur will create a $90 million student accommodation facility.
The Lord Mayor said our education sector continues to grow with significant investment from our universities in their infrastructure and academic offering, which is supported by growth in international enrolments.
“We are home to five universities, a TAFE campus and dozens of private colleges and training organisations. Adelaide is globally recognised for our high-quality education, affordability and liveability. Accordingly, there continues to be strong demand for student accommodation in close proximity to our higher education institutions.
“International students are also great for the city economy and provide an important customer base for many city businesses. Only this week, a Deloitte Access Economics report identified that international students injected $1.5 billion into the SA economy in 2017.
“Wee Hur’s new $90 million investment in the City of Adelaide is the latest in a long list of new domestic and international investment in our state – which is a great sign of confidence.”
City of Adelaide’s Director Growth, Ian Hill, said Council staff have been dealing with Wee Hur since August last year when its development in Gray Street was first discussed and subsequently launched.
“The team have been working hard to facilitate a range of contacts for the company with commercial property agents, owners and other stakeholders around development opportunities that may be of interest,” said Mr Hill.
“Wee Hur’s interest in Adelaide has been enhanced by the recent Singapore Roundtable co-hosted by our Lord Mayor and Australian High Commissioner to Singapore, Bruce Gosper.
“Together with Ten Gigabit Adelaide, this has added impetus to Wee Hur’s ambitions here, just as it has with several other major Singapore investment groups Council has engaged with.”
Fast Facts
- Wee Hur’s investment follows completion and/or approval of five other projects which have a construction value of nearly $500 million and bring in excess of 4000 new beds on to market
- Upon completion of Wee Hur’s development in 2021, there will be more than 6400 student beds available in the city
- Combined with projected market growth and new dwelling stock on the rental market, students will soon likely comprise over 25 per cent of the city’s permanent resident population.