Centurion unit to develop A$132.2 million student accommodation in Sydney

CENTURION Properties, the parent company of Singapore Exchange-listed Centurion Corporation, is planning to develop an A$132.17 million (S$121.5 million) student accommodation in Sydney through its Australian unit.

The housing complex, situated at 17-21 Lachlan Avenue and 163 Herring Road in Macquarie Park, is expected to hold 732 units in a mix of cluster apartments as well as standard and premium studios.

Located about 500 m from the centre of the Macquarie University campus, the site is also less than five minutes’ walk from a metro station which provides access to Sydney’s central business district in less than an hour, said a report from real estate intelligence site Mingtiandi on Monday (Feb 6).

The move comes as the group expects international students to return following a return to normalcy post-Covid-19.

“The continued growth in domestic student numbers is likely to increase demand for student accommodation close to the Macquarie University Campus,” wrote developers in an application reported by Mingtiandi.

“By contributing to the supply of housing specifically for students, it is assumed the proposal will assist in reducing any transference of this demand to the private rental market.”

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Centurion Corporation, which is based in Singapore, told Mingtiandi that it was not involved in the transaction.

Shares of Centurion closed flat at S$0.355 on Tuesday (Feb 7).