[SINGAPORE] Dormitory and student accommodation operator Centurion Corporation’s revenue rose 13 per cent to S$69 million for the first quarter ended Mar 31, from S$61.1 million in the year ago period.
This was driven by positive rental revisions across markets and strong financial occupancies in both Singapore and the United Kingdom.
Revenue from the purpose-built worker accommodation segment grew 15 per cent to S$53.4 million from S$46.2 million in the year-earlier period.
Meanwhile, revenue from its purpose-built student accommodation (PBSA) segment rose 2 per cent to S$15 million from S$14.7 million a year ago.
The group’s Build-to-Rent asset in China became operational in 2025.
Average financial occupancy reached 48 per cent and is expected to ramp up progressively.
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In Singapore, the group continues to execute its transition plan to comply with new dormitory standards.
For instance, it is redeveloping Westlite Toh Guan to add a new block of 1,764 beds by Q4 2025.
In Malaysia, the group is exploring opportunities to expand the portfolio with an ongoing asset enhancement initiative at Westlite Johor Teck Park to add 870 beds by the fourth quarter of 2025.
In Australia, the group is expanding its portfolio in several ways, including redeveloping a carpark into a 600-bed PBSA block, developing a 732-bed student accommodation in Sydney with expected completion by Q4 and applying for a PBSA site near RMIT University.
Kong Chee Min, chief executive officer of Centurion Corporation, said: “The group continued to deliver strong and stable performance in Q1.”
“Revenue is growing at a steady phase despite a moderation in occupancies in Malaysia and Australia.”
“While we remain mindful of macroeconomic challenges across our markets, we will closely monitor conditions to maintain a strategic balance between occupancy levels and rental rate growth. The group is confident in its ability to deliver strong performance across its portfolio in the year ahead.”
Shares of Centurion closed S$0.01 or 0.8 per cent down at S$1.25 on Wednesday.
