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Centurion (SGX:OU8)'s 1Q26 topline growth beat our/street expectations, driven by new operational beds in Singapore PBWA and Australia PBSA, and sustained high occupancy in UK PBSA. Portfolio capacity is expected to grow from 81,388 beds to ~85,470 beds by 2027, supported by a strong development pipeline and expansion into a new living segment.
PBWA growth on more operational beds in SG
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As at end-Mar 2026, all four of the group's QBDs, Westlite Ubi, and the new blocks at Westlite Toh Guan and Westlite Mandai are fully NDS-compliant. Despite rising energy costs, its PBWA property utilities have been passed on to employer tenants with only common area usage under its own expense.
Australia PBSA boosted by EPIISOD Macquarie Park
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Average occupancy stood at 92%, including EPIISOD Macquarie Park which is accounted as 100% occupied under the 2-year master lease. PBSA utilities are included in rentals, but its UK PBSA electricity rates are fixed until 2028, while AU PBSA are on fixed rates until 2Q26. CENT is in the process of securing good rates for longer term.
New KWA acquisitions to further boost earnings
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