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A Centurion Corporation subsidiary, Westlite Dormitory (V Five), has won a tender to operate a student hostel, located at 1A Short Street - its first student accommodation in Singapore.
The 10-storey building will be renovated to house approximately 400 students, with commercial spaces for businesses such as food and beverage outlets.
The property has a lease term of eight years, and is expected to commence operations in the second half of this year.
"The cost of renovation and fitting out will be funded through internal sources, and is not expected to have any material impact on the net tangible assets and earnings per share of the group for the financial year ending Dec 31, 2015," said Centurion in its announcement on Monday evening.
Centurion currently owns and operates five student accommodation assets - one in Melbourne, Australia; one in Liverpool, UK; and three in Manchester, UK.
With the addition of Short Street, the total number of beds in Centurion's student accommodation portfolio will increase to approximately 2,770 by the end of 2015.