HS Optimus Holdings has announced that its subsidiary, Ambertree Vic Mel (Lincoln), in collaboration with its development manager, Fathom Group, has successfully obtained planning permission to develop student accommodation in Melbourne.

The property is located at 23-31 Lincoln Square South, comprising approximately 906 sqm of freehold land.

The proposed student accommodation will be a 14-storey building featuring a gross floor area of 9,184 sqm, with capacity for 268 beds, and potential for expansion to 300 beds pending further approvals.

Situated on the edge of Melbourne’s CBD, the property is within walking distance of both the University of Melbourne and the Royal Melbourne Institute of Technology, which together serve a student population exceeding 143,000.

Jones Lang LaSalle (VIC) has been selected to handle the marketing of this property.

In its announcement on October 18, HS Optimus did not disclose the gross development value of the project.

HS Optimus views this initiative as a way to enhance its Australian property development and investment portfolio, responding to the growing demand and under-supply of student accommodation in Victoria, where the company has been active since 2014.

Chia Fook Sam, Chief Operating Officer of HS Optimus, stated, “We are confident about the long-term fundamentals of the Australian student accommodation market and are excited to see the project progress in partnership with Fathom Group.”

Bobby Kennedy, Development Director at Fathom Group, added, “We are delighted to achieve planning approval for this landmark project, which has been meticulously designed to positively contribute to the character of Carlton and to provide students with a contemporary, high-amenity living environment.”

He further highlighted that “the site’s proximity to major universities and transport links makes it one of Melbourne’s most desirable purpose-built student accommodation options.”

Previously known as KLW Holdings, HS Optimus has a core business focused on the production of doors.

HS Optimus shares were last traded at 0.2 cents.