Singapore Firm Buys Innovo House

A Singapore-based company has completed the purchase of Innovo House – a purpose-built student scheme in Liverpool's Knowledge Quarter – for an undisclosed fee.

Mount Property Group purchased the land in 2018 and subsequently received approval for the 124-unit scheme, which has now been forward funded by Soilbuild Group Holdings. The project will break ground in May.

Michael Chrysokhou, managing director at Mount Property Group, said: “We are delighted that Soilbuild Group Holdings chose Innovo House as the company’s first UK investment. Student property in Liverpool is a very attractive proposition to foreign investors, offering great returns and we look forward to introducing this long-established company to the benefits of doing business in the city.”

It is the first time that Soilbuild has invested in the UK market in the company’s 40-year history. As such, the funding of Innovo House represents a significant milestone for the organisation and a vote of confidence for Liverpool’s student property sector.

Lim Han Feng, director of Soilbuild Group Holdings, added: “We have been looking at the UK student accommodation sector for a while and believe that it offers a viable and defensive investment proposition. The macro dynamics work in our favour and we look forward to adding more similar investments in the near future.”