Key trends include:

• population growth coupled with declining average household sizes
• urbanisation and increasing upward economic mobility
• migration (increasing inflows of economic, social and humanitarian migrants)
• an ageing population alongside a growing student population

Key dynamics include: 

• persistent undersupply of housing stock resulting in long-standing supply-demand imbalances
• financial barriers to home ownership (particularly for younger generations) increasing rental demand
• a shift towards more flexible living arrangements and alternative housing tenure models
• strategic government policies designed to stimulate and support investment

Key features include: 

• strong secular growth and solid recurring demand for rental housing
• proven resilience and stability through economic cycles (arising from the non-cyclical nature of essential housing) 
• uncorrelated returns which outperform other real estate sectors during periods of uncertainty
• rising capital inflows from institutional investors

We prioritise rental housing positioned to yield reliable, consistent and appreciating cash flows. These cash flows are typically linked to the consumer price index (CPI) which provides an effective hedge against inflation and preserves real returns over the long term.

Reliable and consistent cash flows enable us to navigate short-term market volatility while remaining committed to our well-conceived long-term plans. 

We believe income-generating properties:

• are inherently more resilient – as they tend to retain their value more effectively during market downturns, and 
• offer strategic flexibility – by significantly improving our ability to finance, refinance and divest such properties when appropriate.

Income-generating properties strengthen the overall stability of our portfolio, enhance our ability to adapt to evolving market conditions and effectively mitigate downside risk.

We specialise in rental housing that is affordable and of a quality that is fit-for-purpose. 

To strike an optimal balance between a comfortable living experience, cost-effectiveness and operational efficiency, we focus on the following key elements:

1. Safe, secure & functional living

We are committed to providing a safe, secure and comfortable living environment for our tenants. Our properties deliver optimal functionality, accessibility and fit-for-purpose quality. Our rental units are typically fully furnished, including essential electrical appliances, and are designed to meet the needs of modern tenants. We prioritise the tenant experience by offering support services, fostering a sense of community and ensuring inclusivity for a broad and diverse customer base.

2. Layout optimisation, standardisation & cost-effective construction

We adopt efficient layouts that maximise usable living space and strictly provide only essential shared amenities that deliver high value while avoiding unnecessary capital expenditure. By optimising the allocation of lettable floor space and combining standardised specifications with innovative value-engineered construction, we reduce costs, improve capital efficiency and ensure our properties remain highly practical and affordable.

3. Durability & low-maintenance 

We select durable materials, furnishings and appliances designed for high-frequency use in order to enhance long-term performance, operational reliability and tenant satisfaction. By doing so, we are able to simplify maintenance, reduce repair requirements and minimise turnaround times between tenancies.

4. Efficient operations and streamlined property management

We integrate energy-efficient systems, smart technologies and high-performance materials to lower utility costs for tenants, optimise operational efficiency and enhance overall property value. To the extent practicable and feasible, we incorporate sustainable solutions to minimise environmental impact and enhance the long-term resilience of our properties. These initiatives are complemented by streamlined property management practices to ensure rigorous cost discipline and high-quality service to our tenants.

Our primary focus is on strategic locations in larger cities, although in select cases we also pursue attractive, high-potential sites in medium-sized cities. 

In particularly compelling cases (typically in connection with our public-private partnership or build-to-suit strategies) we also invest in, develop and manage properties located in smaller cities.

In each case, we concentrate on regions that demonstrate:

• favourable economic and demographic trends, and  
• potential for consistent and stable rental growth. 

Within these regions, we target well-established residential neighbourhoods or areas undergoing regeneration or active development.

We select locations with:

• a well-developed infrastructure including a good transportation network, 

• proximity to economic hubs with strong employment opportunities, and 
• convenient access to essential amenities – such as educational facilities, healthcare facilities, shopping centres and other community services. 

We also consider the future prospects of an area when assessing the suitability of a property and, as such, evaluate how the job market, income per capita and local infrastructure (including both social and physical infrastructure) are likely to develop in the near future.

We prefer real estate that:

• serves essential housing needs for a broad and diverse customer base, and
• is affordable to the broadest range of end-users. 

Our properties appeal to a wide spectrum of tenants across different age groups, household compositions, socioeconomic backgrounds and stages of life. 

By targeting broad affordability and the widest possible demographic, we ensure deep and consistent demand for our properties while enhancing the resilience of our portfolio across economic cycles. This approach supports consistently high occupancy levels and stable rental income even during periods of market volatility. 

Our properties are rented to diverse and numerous tenants pursuant to lease agreements ranging from short- to long-term durations. We maintain a strategic balance between varying rental periods and tenant profiles across our portfolio to create a diversified and attractive income stream in which these complementary characteristics work to our benefit.

We employ a user-centric methodology that prioritises the specific requirements, preferences and living experiences of the end-users. By integrating these insights into the design, development and management of our properties, we are well positioned to (i) enhance tenant satisfaction and retention, (ii) minimise vacancy periods, and (iii) command premium pricing. This strategic approach enables us to maximise asset performance and deliver sustainable, long-term value.

We actively seek to optimise the alignment of interests among our end-users, investors, local operating partners and all other key stakeholders. By doing so, our aim is to deliver excellent outcomes for all involved while making a meaningful and positive impact.