May 30 2024

Singaporean investors have been brought on board by a Glasgow-based developer to fund the delivery of an approved student housing block on Osborne Street, Glasgow.

Ambassador Group has teamed up with Far East Orchard and Woh Hup, to pay for the scheme, clearing the way for delivery by 2026.

The first project in a new class of student housing championed by the developer the accommodation will comprise 273 student beds in a sociable environment comprising a student lounge, gymnasium and large south-facing terrace.

Ahsan Afzal, head of development for Ambassador’s Nova Living said, “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.”

The project will rise on a prominent corner site at the junction with Old Wynd. 

7 Comments

#1 Posted by Lovely on 31 May 2024 at 10:41 AM

Surely more to do with hard core global investing for profit than all the cheesy fluffery mentioned in the text?

#2 Posted by Fat Bloke on Tour on 31 May 2024 at 14:55 PM

More basic question -- why was the funding not available locally?

Scotland PLC now having to tap external capital markets to build for the future -- not a good look -- I wonder what currency will be involved and how would it stand the Nat dream of separation and the very tricky / challenging phase of transitioning from Sterling to the Euro?

Using foreign cash to build local infrastructure to support foreign students at our universities -- hopefully we don't fall out with China in the near future?

Lots of external liabilities / local uncertainties / much reduced external income -- what could possibly go wrong?

The Darien Scheme looks like a paragon of forward planning in this context.

#3 Posted by Lovely on 31 May 2024 at 15:31 PM

Yup, I don't think real decolonisation is coming to Glasgow any time soon, quite the opposite in fact.

So you better buckle up for some tough times as the rent extraction ratchets harder to pay all those globalist investment debts.

Meantime other small countries rich with natural resource look on in bewilderment at our deeply ingrained moany Stockholm syndrome mentality.

#4 Posted by Jimbob Tanktop on 31 May 2024 at 16:22 PM

All of the contributors' collective financial nous to the fore in the comments here with much the same sashaying expertise my rescue mongrel displays while operating the microwave.

#5 Posted by Ghetto King on 3 Jun 2024 at 10:51 AM

Who are the real owners / landlords?
It is not clear from the article how much of share anyone has in this project.
This could lead to procrastinated legal battles further down the road resulted in delays to completion and maintenance when the flats are built.

#6 Posted by Lovely on 4 Jun 2024 at 14:40 PM

Yes, whatever happened to intelligent, incremental, small-scale localism that's truly sustainable in economic and environmental terms?

Perhaps Mr. Tankflop can give an actual opinion to help us out?

Meantime dinner is ready and on the table courtesy of one very talented rescue mongrel....

#7 Posted by Fat Bloke on Tour on 5 Jun 2024 at 13:50 PM

Company with site wants to develop it / make money.

Max returns -- stack-a-pleb boxes for students.

Nothing too radical / nothing too outrageous or risky.

Mainstream -- aka known -- revenue stream with history and future demand.

So why does the finance need to come from overseas?
Are the local banks not up for it / are they too expensive / are they too prescriptive?

Design is poor and then some.
The business case is looking very exotic.
Not looking good for a straight forward project delivery.

Hopefully the development is Holyrood tax take friendly.

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