Student housing provider GSA this week opened a new AUS$110 million development in Adelaide.
The building, which can accommodate 725 students, is one of Adelaide’s tallest at 118 metres and features study spaces, outdoor terraces, a gym, cinema, communal kitchens and lounges.
Yugo, a global student housing operator that launched last year in a merger of three of GSA’s brands, is managing the accommodation.
The company says it has seen “positive interest” in Yugo Adelaide City, with 90% of students arriving from international locations.
Over 7,000 international students have travelled to Adelaide since the country’s borders reopened in December, according to Study Adelaide, but data suggests that the return of international students to Australia has been slower than expected.
“Student housing has proven to be a resilient sector”
Tim Klitscher, Yugo managing director for Asia-Pacific, said that the Australian market is “recovering well” and that they “expect that to gather pace in the coming months”.
“We’ve been open to students for only a month and our bookings already sit at just over 50%, and as we approach the second Australian semester – which is the first semester for many of our international students – we expect interest to increase significantly,” Klitscher said.
Yugo currently operates four student accommodation blocks in Australia, including in Perth and Melbourne.
“Globally, student housing has proven to be a resilient sector throughout the turbulence of the past few years, underpinned by continuing growing demand for higher education globally and a strong preference for in-person learning,” said Travis Harkness, GSA Development Director.
Earlier this year, The PIE News reported that Australia’s housing crisis has worsened as students return, meaning rents are likely to continue increasing.
Speaking about the financial pressure some international students returning to Australia are facing, Klitscher said that Yugo’s “all-inclusive-pricing protects students from the increasing costs of electricity and water” and that “students will be attracted to stay at an accommodation which meets their holistic needs and not just provides a bed and a desk”.
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