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[SINGAPORE] Centurion Accommodation Real Estate Investment Trust (Reit) has received provisional permission from the Urban Redevelopment Authority to develop an additional six-storey block and to alter the existing eight-storey block in Westlite Ubi dorm.
The proposed works will add 540 beds to the dorm, bringing the total number of beds to 2,190, said the Reit manager in a bourse filing on Tuesday (Feb 10).
It added that the land premium payable to JTC in relation to the proposed works is about S$13.9 million, and this will be funded via committed debt facilities.
The proposed works is estimated to start by the second quarter of 2026 and will be completed in about one and a half years.
The existing eight-storey block containing 1,650 beds remains operational and income generating, said the manager.
It noted that the expansion and alteration works are not expected to have any material effect on the Reit’s net asset value per unit and its distribution per unit for the financial year ending Dec 31, 2026.
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Westlite Ubi was injected in the S$1.8 billion initial portfolio of Centurion Accommodation Reit when it listed on the Singapore Exchange in 2025. The Reit’s sponsor – Centurion – divested its 51 per cent interest in the asset, while Lian Beng Group sold the remaining 49 per cent to the Reit.
Located in Ubi, the dorm has a gross floor area of 13,464 square metres (sq m) and a land area of 7,045 sq m. The asset became operational in late 2024 and reached near-full occupancy in mid-2025.
Centurion Accommodation Reit will release its first financial results since going public, after market trading hours on Feb 23.
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Units of ended Tuesday 1.8 per cent or S$0.02 lower at S$1.12, before the announcement.
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