Centurion 9M revenue rises 35% to S$280.1 million on Westlite Mandai consolidation, new beds

[SINGAPORE] Centurion Corporation reported a 35 per cent rise in revenue to S$280.1 million for the nine months ended Sep 30, from S$208.3 million in the previous corresponding period.

This was mainly due to the consolidation of Westlite Mandai and new operational beds in Singapore, as well as its Harum Megah portfolio in Malaysia and EPIISOD Macquarie Park in Sydney, Australia, the mainboard-listed accommodation provider said in a business update on Wednesday (Nov 11).

Revenue for the third quarter ended Sep 30 rose 41 per cent to S$95.2 million, from S$67.5 million a year earlier.

Centurion maintained its revenue guidance of about S$190 million for the second half of 2026; this would represent growth of about 22 per cent year on year.

It also said that it expects occupancy in its Singapore and Malaysia portfolios to improve in Q4.

Segment performance

Revenue from purpose-built worker accommodation (PBWA) rose 35 per cent to S$219.6 million in 9M 2026, from S$162.7 million a year earlier.

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Average financial occupancy for the segment was 84 per cent, down from 90 per cent previously, mainly due to lower occupancy in Malaysia and the ramp-up of newly added beds in Singapore.

Revenue from purpose-built student accommodation (PBSA) rose 32 per cent to S$57.6 million, from S$43.5 million, mainly from EPIISOD Macquarie Park.

Average financial occupancy was 97 per cent, up from 94 per cent.

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Other revenue rose 49 per cent to S$3 million, from S$2 million. The sum included revenue from the new key worker accommodation (KWA) segment in Western Australia, which began contributing in Q3.

By geography, Singapore revenue rose 34 per cent to S$199.7 million, with PBWA occupancy at 94 per cent, down from 99 per cent as 5,460 new beds ramped up.

Centurion said the new beds at Westlite Mandai are fully committed, with tenancies expected to fully commence by early 2027.

Malaysia revenue rose 31 per cent to S$18.7 million, but PBWA occupancy fell to 73 per cent from 83 per cent as foreign-worker caps constrained recruitment.

Australia revenue more than doubled to S$26.5 million, from S$11.8 million, helped by Concorde South Hedland, which is operating at near-full occupancy.

UK revenue was flat at S$30.8 million, though Q3 revenue fell 7 per cent on “lower summer income from later arrivals” in September.

Separately, Centurion completed its acquisition of Velocity Karratha, a KWA asset with about 321 beds, in October, bringing its KWA portfolio to about 446 beds.

Its portfolio is on track to grow by about 6,414 beds in 2026 to about 85,801 beds, and to about 108,263 beds by 2028 with committed developments and acquisitions.

These include two Singapore dormitory sites awarded in August, Kranji Close and Lok Yang Way, and a planned acquisition of a PBWA asset in Pasir Gudang, Johor.

CEO Kong Chee Min said the focus is now on executing projects on schedule and ramping up occupancy at new beds in Singapore.

Shares of Centurion fell 2.4 per cent or S$0.03 to close at S$1.21, before the business update.