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Centurion Corp gets lease extension for Toh Guan dormitory redevelopment
MAINBOARD-LISTED housing operator Centurion Corp will get to use a site in Toh Guan as a workers’ dormitory for an extra 25 years, it said in a bourse filing on Friday.
Centurion has been trying to redevelop a block at its Westlite Toh Guan facility, in Toh Guan Road East, into an eight-storey dormitory and industrial training centre with ancillary commercial use.
The Singapore Land Authority has now given the go-ahead for the lease to be extended to November 2057, from September 2032, in a move that Centurion’s board said should yield “a positive impact on the valuation of the property”.
There will also not be any development premium payable for the intensification of the site, Centurion said. Its planning permission for the redevelopment of the block, from the Urban Redevelopment Authority, will lapse on Feb 10, 2022 if the works are not finished by then.
Westlite Toh Guan has a gross floor area of 33,371 square metres (sq m) on a 11,685 sq m land parcel, with the campus spread across eight blocks that can now house 7,800 workers.
Centurion shares closed up by S$0.01, or 2.22 per cent, at S$0.46, before the announcement.