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Vita Student at Westgate ... good response from investors.

UK student residence project eyes GCC investors

DUBAI, November 27, 2014

Select Property Group, a leading UK property retailer, is launching its newest Vita Student accommodation scheme for sales in the UAE.

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 high rental yields due to the demand for this type of accommodation, the company 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 studio units) in September this year.

Select Property said the sales launch is being supported by the opening of a brand new show apartment in Dubai, UAE, offering investors a taste of the style and quality of the properties.

The show apartment is located at the company’s sales office in Dubai Marina where a full team of property consultants will be at hand to explain the investment model. It will be available for viewings from Sunday to Thursday between 9 am and 6 pm and on Saturday from 10 am to 4 pm.

Vita Student is fast becoming the student property investment of choice for Middle Eastern buyers, said the UK firm in a statement.

Since the brand was first conceived in 2012, 20 per cent of all sales have been to savvy buyers in the region who have realised the potential of the flourishing student market and the security of investing in the UK, it added.

Adam Price, the 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."

About 50 per cent 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, demonstrating how sought-after they are as buy-to-let investments, added Price.

According to him, the buyers have been attracted by the annual seven 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 unit prices are in the range of £86,000 to £159000 ($134,582 to $248,821) and the return will be given out on a termly basis.

Vita Student gives residents luxurious and stylish accommodation that is also comfortable and practical. However, the key differentiator about the brand’s proposition is the exceptional level of customer service it is committed to delivering, said Price.
 
“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," he added.-TradeArabia News Service




Tags: investment | GCC | UK | residence | Student |

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