The development will be funded by the investors and is slated for completion by 2026.

The announcement marks a significant milestone in Ambassador’s Nova Living concept which obtained planning permission for its first purpose-built student accommodation (PBSA) scheme in November 2023.

The vacant site situated on the corner of Osborne Street and Old Wynd will be transformed into a vibrant new community-focused environment for students. The project will deliver 273 student beds within a community-focused ‘connected’ environment that boasts state-of-the-art resident amenities including a student lounge, gymnasium and large south facing terrace with views towards the river Clyde.

The firms will work together to deliver this flagship project in a new forward-thinking PBSA strategy within Nova Living that not only aims to address the shortage of, and growing demand for quality student housing in the UK’s university cities, but to also set a new standard for thoughtful, quality living for all in urban environments.

Ahsan Afzal, head of development for Ambassador’s Nova Living, said: “We are delighted to have Far East Orchard and Woh Hup, both industry leaders within the sector, to invest in this development. 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.”