Ambassador Group has partnered with Singapore-based real estate investors Far East Orchard and Woh Hup to deliver a purpose-built student accommodation (PBSA) scheme in Glasgow.
The developer’s Nova Living brand obtained planning permission for the 273-bed scheme, which will be built on a vacant site on the corner of Osborne Street and Old Wynd in Glasgow’s Merchant City, in November last year.
The Singapore-based investors will fund the development, which will offer “state-of-the-art” amenities such as a student lounge and gymnasium. The scheme is slated for completion by 2026.
Ahsan Afzal, head of development for Ambassador Group’s Nova Living brand, said, “We are delighted to have Far East Orchard and Woh Hup, both industry leaders within the sector, to invest in this development. Our development will provide much needed student beds in an acutely undersupplied market, with a shortage of 22,000 beds.
“Our collective shared values in the sector have driven the relationship from the outset, and we look forward to embarking on this exciting journey with our new global partners to deliver on the first project within Nova Living, where we are entirely committed to delivering sustainable living solutions that prioritise the well-being and connectivity of residents.”
