- Centurion (SGX:OU8) delivered a resilient operating performance in 2025 despite a headline earnings decline which was due to the high base in 2024 from the revaluation of investment properties (S$22.9m in 2025 vs S$219.1m in 2024).
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Robust guidance.
- Management guided for expansion through 2026-28 supported by its development pipeline visibility. Portfolio capacity increased by over 8,900 beds in 2025, with an additional 4,635 beds expected in 2026.
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- Structural undersupply in worker housing and student accommodation across core markets supports rental growth, occupancy resilience and scalable AUM expansion after the Centurion Accommodation REIT listing.
- Purpose-Built Workers’ Accommodation (PBWA) remained the earnings anchor, with segment revenue rising 20% y-o-y to S$233m, driven by Singapore’s 21% y-o-y revenue to S$212m and sustained 99% occupancy. Malaysia occupancy softened to 79% due to policy tightening for foreign workers, partially offsetting overall PBWA growth.
PBSA seeing headwinds fall off in Australia.
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