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Vita Student at Westgate

UK firm to launch housing sale for UAE students

DUBAI, November 27, 2014

Select Property Group, a UK-based leading retailer of investment property, is launching its newest student accommodation scheme for sales in the UAE.

The sales launch is supported by the opening of a brand new show apartment in Dubai, giving investors the chance to see the style and quality of the properties for themselves.

The new Vita Student residence is located in Newcastle upon Tyne, a popular university city in the north of the UK where it is possible to achieve extremely high rental yields due to the demand for this type of accommodation, a statement said.

It is the ninth Vita Student project in the UK to be announced and follows the successful delivery of five residences (nearly 1,000 studios) in September this year.

Since the Vita Student brand was first conceived in 2012, 20 per cent of all sales have been to buyers in the region, the statement added.

The new show apartment is located at Select Property Group’s sales office in Dubai Marina where there is also a full team of property consultants on-hand to explain the investment model. It is the only show apartment of its type in the UAE and is available for viewings from November 30 to December 6.

Half of the 259 properties at Vita Student at Westgate in Newcastle have already been sold off-plan to investors since they were first put on the market a month ago, according to the statement.

Buyers have been attracted by the annual 7 per cent rental yield which is assured for five years and will start to be paid once the residence is opened in September 2016, the statement said.

Prices range from GBP86,000 ($135,000) to GBP159,000 ($250,000) and the return will be given out on a termly basis.

Adam Price, managing director of Select Property Group Middle East, said: “The investment demand for purpose-built student accommodation (PBSA) in the UK has sky-rocketed in recent years and the sector has certainly proven itself in a testing economic environment, with many private providers now coming to the fore.”

“While others can say they build luxury living quarters, Vita Student has evolved the PBSA concept and risen above the general market by putting students at the heart of everything it does.

“Our clients are now realising the benefit of investing with a provider that is creating the next generation of student property and we want to help more buyers from the Middle East achieve the same returns. Investing in a new show apartment in the region and expanding our dedicated sales team is a crucial step in this process,” he added. – TradeArabia News Service




Tags: UK | Accommodation | Select Group |

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