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

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.

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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.

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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.

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