Centurion (SGX:OU8) remains a beneficiary of positive rental reversions across all key markets in the PBWA and PBSA segments. Pipeline of new dormitory beds across Singapore and Malaysia remains healthy with an upcoming addition of 2,570 beds in 2024.
- Read this at SGinvestors.io -
Off to a good start.
All countries performed well with higher occupancy rates in 1Q24.
For workers accommodation in Singapore, occupancy increased from 98% to 99% and revenue rose 37% on the back of tenancies renewed at prevailing higher rental rates. Occupancy rates in Malaysia rose 2pp to 96% with a 5% revenue increase in local currency terms.
- Read this at SGinvestors.io -
Pending development approval, Centurion plans to add a new block of ~600 beds at dwell Village Melbourne City, a significant increase compared to current bed capacity of 881 in Australia.
Major shareholder Centurion Properties owns a PBSA development project in Sydney (~>700 beds) which could also be sold to Centurion once development is completed.
Little to worry post-2026.
Read more at SGinvestors.io.
Above is an excerpt from a report by Lim & Tan Securities Research. Clients of Lim & Tan Securities may be the first to access the full PDF report @ https://www.limtan.com.sg/.
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