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CENTURION Corporation on Thursday said it plans to acquire a site in Adelaide, Australia, for A$3.5 million (S$3.75 million) and developed it into a new 280-bed student accommodation. The total cost, including the cost of land, to develop the site is expected to be about A$45.5 million.
The freehold development site is located off Rundle Street on the eastern side of Adelaide City Centre, within walking distance to University of Adelaide and University of South Australia and in close proximity to the main Rundle Mall shopping strip.
The project is expected to be completed in the fourth quarter of 2018, catering to the student intake for the 2019 academic year.
Upon completion, dwell Adelaide will be Centurion's second asset in Australia, after RMIT Village which was acquired in 2014.