Centurion’s revenue up by 30% to $89.4 mil in 1QFY2026

Felicia Tan

May 13

The growth was mainly due to new operational beds in the group’s Singapore PBWA and Australia PBSA business and high occupancy in its UK PBSAs.Centurion Corporation has reported revenue of $89.4 ...

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The growth was also attributed to the addition of 5,460 newly operational beds from the completed asset enhancement initiatives (AEIs) at Westlite Toh Guan and Westlite Mandai as well as contributions from the Harum Megah portfolio in Malaysia that was acquired in 3Q2025.\nThe average financial occupancy for Singapore PBWAs fell by three percentage points y-o-y to 95% in 1QFY2026, which reflects the ongoing ramp-up of the new beds.\nAs of March 31, all four of the group’s quick-build dormitories (QBDs), Westlite Ubi, as well as the new blocks at Westlite Toh Guan and Westlite Mandai are fully compliant with the government’s new dormitory standards.\nIn Hong Kong, Westlite Sheung Shui’s average financial occupancy stood at 68% in the 1QFY2026, up from 62% in 4QFY2025, thanks to the Hong Kong government’s Enhanced Supplementary Labour Scheme (ESLS). According to Centurion, the scheme has received over 22,500 applications to import over 171,000 workers since September 2023. The group says it may consider expanding in the market depending on its subsequent performance.\nRevenue for Centurion’s purpose-built student accommodation (PBSA) grew by 30% y-o-y to $19.6 million in the 1QFY2026 due to a high financial occupancy rate of 98% in the UK, positive reversions in the UK and Australia, as well as contributions from the newly-completed Epiisod Macquarie Park in Sydney. The addition of Epiisod Macquarie Park brought the group’s Australia PBSA bed capacity to 1,629 beds, from 897 beds previously. Australia’s average financial occupancy stood at 92%, which includes Epiisod Macquarie Park, which is accounted as 100% occupied based on the master lease.\nCenturion’s two PBSA assets in Hong Kong achieved an average financial occupancy of 99% in the 1QFY2026, compared to 98% in the 4QFY2025. Like its PBWA portfolio in the special administrative region (SAR), Centurion sees potential in the Hong Kong PBSA market thanks to the government’s policy to position the city as an internatonal post-secondary education hub, and is considering “further expansion” depending on the market.\nThe group’s build-to-rent (BTR) asset, which comprises 400 apartments at Centurion-Cityhome Gaolin in Xiamen, China, achieved an average financial occupancy of 83% in 1QFY2026 compared to 90% in 4QFY2025. The group says the decrease is typical for this time of year due to the Chinese New Year holiday.\n\"Centurion has delivered a strong start to 2026, driven by continued strong performance of our portfolio assets and by new bed capacity added in the past six months. We remain confident in the structural fundamentals supporting our Living Sector assets and business,” says CEO Kong Chee Min.\n“Looking ahead, we are focused on expanding our revenues across multiple streams, including enlarging our owned and operated assets portfolio, growing fee income from management services, and supporting the performance and growth of CAREIT (Centurion Accommodation REIT). With multiple growth levers in motion, we are well-positioned to deliver sustained growth and value to our shareholders,” he adds.\nShares in Centurion closed 1 cent higher or 0.6% up at $1.67 on May 13.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}