Singapore Press Holdings (SPH) is embarking on a £10.6 million (S$18.9 million) asset enhancement initiative to refurbish nine properties in its British student accommodation portfolio.

This comes as the group looks to meet the changing preferences for accommodation type as well as to "maintain their competitive edge over other properties in the area".

The refurbishment efforts will focus on properties under the Capitol Students brand, which were acquired in September 2018 and located in cities and towns with a predominantly domestic British student population that is expected to grow, said the group yesterday.

About £5.37 million will be allocated to the conversion of 112 non en-suite rooms to studios at St Teresa House in Plymouth for students who "prefer to have their own private space and access to high-end features". The remaining funds will focus on refurbishments of rooms and selected common areas for eight assets in Huddersfield, Plymouth, Sheffield, Bristol and Birmingham for the SPH portfolio to remain competitive and ensure consistent quality across its assets.

SPH noted that the properties have been bought at below replacement cost, and asset enhancement can improve yields.

"Over time, as SPH expands its capabilities, more extensive redevelopment projects may be undertaken," it said.

SPH now has a total of 7,442 beds across 17 locations in Britain, including in major cities such as London, Edinburgh and the key university towns of Cambridge and Oxford.

Mr William Lee, technical director of SPH's student accommodation portfolio, said: "The asset enhancement initiatives will strengthen our presence in the locations where we have built up close relationships with the local universities."

SPH shares closed flat at $1.87 yesterday.

THE BUSINESS TIMES