# Centurion first-half revenue rises, expects portfolio to exceed 87,200 beds by 2027

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-13T03:16:00.000Z
- **Author:** EdgeProp Singapore
- **Original:** https://www.edgeprop.sg/property-news/centurion-first-half-revenue-rises-expects-portfolio-exceed-87200-beds-2027
- **Topics:** Investment & Capital Markets, Regional Markets

## Featured rationale

High occupancy, positive rental reversions and Australia’s structural PBSA shortage signal resilient specialised-accommodation demand, potentially supporting further capacity expansion and revenue growth.

## AI summary

Centurion’s 1H2026 revenue rose 31% year-on-year to $184.9 million, while its accommodation portfolio is expected to reach about 87,249 beds by 2027.

## Original article

Contributions from new operational beds in Singapore, the Harum Megah workers' dormitory portfolio in Malaysia, and the EPIISOD Macquarie Park student housing in Sydney helped push revenue up by 31% y-o-y for Centurion Corp.

Revenue stood at about $184.9 million for the first half of this year, up from $140.7 million in 1H2025, the specialised accommodation owner and operator said in a bourse filing on Aug 12 evening.

In its purpose-built workers' accommodation (PBWA) segment, revenue was up by 32%.

In Singapore, PBWA revenue was driven by the consolidation of Westlite Mandai and 5,460 new beds at Westlite Toh Guan and Westlite Mandai, which became operational between December 2025 and May 2026.

Read also: Far East Orchard to start construction on Manchester PBSA development

Average financial occupancy dipped to 94%, from 99% in the first half of last year, due to the ramp-up of the newly added beds. Centurion said it expects occupancy to improve in the second half of this year as the new beds stabilise.

In Malaysia, contributions from the Harum Megah portfolio acquired in September 2025 led to PBWA revenue rising 31% y-o-y to $12.5 million.

Centurion had bought Johor-based workers' dormitory provider Harum Mega Resources for RM110.8 million ($33.7 million). Its portfolio of six PBWA properties in mature industrial estates across Johor added nearly 7,200 beds to Centurion’s portfolio in Malaysia.

The group likewise expects occupancy to improve for PBWA in Malaysia in the second half of this year as foreign worker quota applications ease for certain industries.

As for the purpose-built student accommodation (PBSA) segment, revenue rose 31% y-o-y to $40.6 million for the first half of this year.

This was fuelled by sustained high occupancy for the student housing assets in the UK, positive rental reversions in the UK and Australia, and contributions from EPIISOD Macquarie Park in Australia.

Read also: The Assembly Place partners S11 on community-driven workers’ dormitory concept

The latter is a newly developed 732-bed PBSA asset in Sydney, located near Macquarie University and key transport links. Centurion Accommodation Reit (CAREIT) had acquired it for A$345 million (S$280.1 million), and the property became operational this January.

Australia's PBSA market remains "structurally undersupplied", with about 3.6 international students competing for each purpose-built bed, Centurion said in the Aug 12 announcement.

Net profit after tax for the first half of this year declined by 36% to $53.1 million, mainly due to a net fair value loss on investment properties, which included stamp duties paid by CAREIT to acquire EPIISOD Macquarie Park.

Looking ahead, for the second half of 2026, the group expects revenue to rise by 22% y-o-y to about $190 million.

It anticipates portfolio capacity to grow to reach about 87,249 beds by 2027.

Owned and managed portfolio capacity is on track to increase by about 6,462 beds this year, including beds added at EPIISOD Macquarie Park, Westlite Toh Guan, Westlite Mandai, a third-party-managed PBWA in Singapore, and two key worker accommodation (KWA) assets in Western Australia.

Moreover, the group has developments in progress, excluding pending tenders or applications, to add another 9,770 beds across its living sector portfolio between 2027 and 2029.

Read also: Mandai industrial site tests upside as 33-year lease with workers’ dormitory potential hits the market

## Chinese translation

> Translation model: grok_cli

### 世纪集团上半年营收上升，预计到2027年组合床位数将超过87,200张

税后净利因投资性物业净公允价值亏损下降36%。世纪集团预计2026年下半年营收将增长22%。

新加坡新增运营床位、马来西亚Harum Megah工人宿舍组合，以及悉尼EPIISOD Macquarie Park学生公寓的贡献，推动世纪集团（Centurion Corp）营收同比增长31%。

这家专业住宿业主兼运营商在8月12日晚间的交易所公告中表示，今年上半年营收约为新币1.849亿元，高于2025年上半年的新币1.407亿元。

在专用工人住宿（PBWA）板块，营收增长32%。

在新加坡，PBWA营收受到Westlite Mandai并表，以及Westlite Toh Guan与Westlite Mandai新增5,460张床位的推动，这些床位于2025年12月至2026年5月间投入运营。

延伸阅读：Far East Orchard将启动曼彻斯特PBSA项目建设

平均财务入住率从上一年上半年的99%降至94%，原因是新增床位仍在爬坡。世纪集团表示，预计今年下半年随着新床位趋于稳定，入住率将有所改善。

在马来西亚，2025年9月收购的Harum Megah组合带来贡献，使PBWA营收同比增长31%，至新币1,250万元。

世纪集团以1.108亿令吉（3,370万美元）收购柔佛工人宿舍供应商Harum Mega Resources。其位于柔佛成熟工业区的六处PBWA物业，为集团在马来西亚的组合新增近7,200张床位。

集团同样预计，随着部分行业外籍劳工配额申请放宽，马来西亚PBWA入住率将在今年下半年改善。

至于专用学生住宿（PBSA）板块，今年上半年营收同比增长31%，至新币4,060万元。

增长受到英国学生公寓资产持续高入住率、英国与澳大利亚正向租金续约，以及澳大利亚EPIISOD Macquarie Park贡献的推动。

延伸阅读：The Assembly Place与S11合作推出社区导向型工人宿舍概念

后者是悉尼新落成的732床PBSA资产，靠近麦考瑞大学及主要交通枢纽。世纪住宿房地产信托（CAREIT）以3.45亿澳元（新币2.801亿元）收购该物业，并于今年1月投入运营。

世纪集团在8月12日的公告中表示，澳大利亚PBSA市场仍“结构性供应不足”，约每3.6名国际学生争夺一张专用床位。

今年上半年税后净利下降36%，至新币5,310万元，主要由于投资性物业净公允价值亏损，其中包括CAREIT为收购EPIISOD Macquarie Park所支付的印花税。

展望未来，集团预计2026年下半年营收同比增长22%，至约新币1.90亿元。

集团预计，到2027年组合容量将增至约87,249张床位。

自有及管理组合容量有望在今年增加约6,462张床位，包括EPIISOD Macquarie Park、Westlite Toh Guan、Westlite Mandai、新加坡一处第三方管理的PBWA，以及西澳大利亚两处关键工人住宿（KWA）资产所新增的床位。

此外，在不计待决招标或申请的情况下，集团另有在建项目，计划于2027年至2029年间在其居住板块组合中再增加9,770张床位。

延伸阅读：万礼工业地块试探上行空间，附工人宿舍潜力的33年地契地块上市