Brief Overview:

Centurion Corporation Limited (SGX: OU8) is a leading provider of purpose-built worker accommodation (PBWA) under the ‘Westlite Accommodation’ brand, with operations in Singapore (10 properties), Malaysia (13 properties), and Hong Kong (1 property). 

Additionally, it manages purpose-built student accommodation (PBSA) through its ‘Dwell’ and ‘EPIISOD’ brands (the latter being a new premium PBSA brand introduced in 3Q FY2025), across Australia (2 properties), the United Kingdom (10 properties), the United States (2 properties), and Hong Kong (2 properties). 

The company also offers built-to-rent accommodation in China.

As of 31 December 2025, Centurion Corporation owns and manages a robust portfolio of 41 operational accommodation assets, providing a total of 78,847 beds. This includes assets owned and operated by the company, those held by Centurion Accommodation REIT (which was listed on the Singapore Exchange on 25 September 2025), as well as properties owned by other third-party stakeholders.

Key Insights from Centurion Corporation Limited’s FY2025 Annual Report:

Key Performance Highlights:

• Gross revenue increased by 17% to S$295.9 million, primarily driven by the contributions from Westlite Ubi (which commenced operations in December 2024) and Westlite Mandai (consolidated from September 2025). This growth was further supported by positive rental reversions across its global PBWA and PBSA portfolio, coupled with strong occupancy rates in its Singapore PBWA and UK PBSA assets.

• Geographically, Singapore accounted for 71.7% of Centurion Corporation’s total gross revenue, followed by the United Kingdom at 14.4%, Malaysia at 7.0%, Australia at 5.3%, and other regions such as the United States, Hong Kong, and China contributing 1.6%.

• By asset type, workers’ accommodation made up 78.9% of the overall gross revenue, with student accommodation contributing 20.2%, and other assets accounting for 0.9%.

• Occupancy rates for assets in key regions were as follows: Singapore (99%), Malaysia (79%), United Kingdom (98%), and Australia (96%). Notably, occupancy in Malaysia declined from 91% a year ago due to the implementation of foreign worker quota caps by the Malaysian government. Despite this, revenue grew by 8% due to positive rental rate adjustments and the revenue contribution from the newly acquired Harum Megah portfolio in September 2025.

• Net profit from core operations rose by 26% to S$139.2 million.

• Net profit attributable to equity holders from core operations increased by 9% to S$108.6 million.

• The total dividend payout to shareholders for FY2025 was 4 cents per share, consisting of an interim dividend of 2 cents per share and a final dividend of 2 cents per share. This represents a 14.3% increase from 3.5 cents per share in FY2024. Additionally, the Board has proposed a special distribution of Centurion Accommodation REIT units on the basis of 1 CAREIT unit for every 10 ordinary shares held, pending shareholder approval at the upcoming AGM.

• The Net Asset Value (NAV) per share reached a new high of S$1.47.

Key Developments in FY2025:

• May 2025: Centurion Corporation submitted a Letter of Intent to the Iskandar Regional Development Authority, signalling its intention to invest between RM300 million and RM500 million over the next 5 years within the Johor-Singapore Special Economic Zone (JS-SEZ).

• July 2025: The company launched a new premium PBSA brand, EPIISOD, with its first 732-bed property located at Macquarie Park, Sydney.

• September 2025: Centurion Corporation acquired Johor-based dormitory operator Harum Megah Resources for RM110.8 million, adding 6 assets with a total of 7,197 beds to its portfolio in Malaysia.

• September 2025: The successful IPO of Centurion Accommodation REIT (SGX: 8C8U), or CAREIT, was backed by 16 reputable cornerstone investors. The public offer was oversubscribed by 30 times, with overall demand exceeding 16 times. The REIT’s portfolio included 14 assets.

• October 2025: Centurion Corporation completed a 1,764-bed expansion at Westlite Toh Guan after receiving the Temporary Occupation Permit (TOP).

3 Pillars of Growth:

• Portfolio Expansion: By enhancing the value of existing assets, alongside acquiring and developing new properties, to increase bed capacity and operating revenue in key markets.

• Management Services: By managing both CAREIT’s assets and those of other property owners.

• Investment Income: By driving CAREIT’s growth through asset enhancement projects on existing properties and acquiring new assets, including offering stabilised assets from Centurion Corporation to the REIT.

Progress on Environmental, Social, and Governance (ESG) Initiatives:

• Recently completed assets and blocks at Westlite Uni, Westlite Toh Guan, and Westlite Mandai were awarded the Green Mark Award Super Low Energy Certification by the Singapore Green Building Council.

• Westlite Woodlands achieved EDGE Advanced certification from the International Finance Corporation, part of the World Bank Group.

Market Outlook:

• Worker Accommodation (Singapore): The demand-supply balance remains favourable, driven by ongoing construction activity and infrastructure development.

• Worker Accommodation (Malaysia): Management is optimistic about the long-term outlook for the country’s PBWA sector, supported by continued industrial growth and increasingly stringent accommodation standards.

• Worker Accommodation (Hong Kong): The market outlook remains positive, bolstered by foreign labour demand in service-oriented sectors such as catering and hospitality.

• Student Accommodation (United Kingdom): The PBSA market continues to face an undersupply in key university cities.

• Student Accommodation (Australia): The PBSA market remains structurally undersupplied, with strong growth in student enrolments. Additionally, limited on-campus housing and rising private rental costs make PBSAs a preferred option.

• Student Accommodation (Hong Kong): Demand for professionally managed student accommodation is expected to increase due to the rise in non-local student enrolments.

• Built-to-Rent Accommodation (China): China’s rental housing sector continues to benefit from government policies promoting the supply of professionally managed rental housing. Urbanisation trends and shifting housing preferences among young professionals are anticipated to drive demand for built-to-rent accommodation.

Details of Centurion Corporation Limited’s AGM: 

Date: Tuesday, 28 April 2026
Time: 2.00pm
Venue: Suntec Singapore Convention & Exhibition Centre, 1 Raffles Boulevard, Suntec City, Level 3, Meeting Room 331, Singapore 039593

The AGM will be held in a wholly physical format, with no options for shareholders to attend virtually. 

If you have any questions for the management of Centurion Corporation Limited, you may either raise them during the AGM, or submit them via email to agm@centurioncorp.com.sg before 2pm on Saturday, 25 April 2026.

Closing Thoughts:

In my view, Centurion Corporation’s FY2025 results were solid. Looking at its revenue growth since FY2021, the company has consistently achieved double-digit percentage growth – 26.2% in FY2022, 14.8% in FY2023, 22.4% in FY2024, and 16.7% in FY2025.

Dividend payouts have also seen a steady increase over the same period, rising from 0.5 cents in FY2021 to 1.0 cent in FY2022, 2.5 cents in FY2023, 3.5 cents in FY2024, and 4.0 cents in FY2025.

The occupancy rates across its properties remain robust, with all locations maintaining occupancy rates above 90%, except for Malaysia. However, given that Malaysia only contributed 7.0% to its gross revenue in FY2025, I’m not overly concerned.

The company’s debt maturity profile in the coming years is also healthy, with only 3% of borrowings due for refinancing in FY2026 and FY2027, and 19% due in FY2028. The remaining 75% of borrowings won’t need refinancing until FY2029 or later.

For investors in Singapore who prefer companies generating the majority of their income from the local market, Centurion Corporation is certainly one to consider, as nearly 72% of its revenue in FY2025 came from Singapore.

Looking forward, I expect Centurion Corporation’s financial performance and dividend payouts to continue growing, supported by strong portfolio occupancy and full-year contributions from its new EPIISOD property in Sydney, Australia, its recently acquired Harum Megah Resources in Johor, Malaysia, and the completed expansion of Westlite Toh Guan.

Corporate Highlight Recording with Centurion Corporation Limited:

I recently had the privilege of speaking with Mr. Kong Chee Min, CEO of Centurion Corporation Limited, and Mr. David Phey, Head of Corporate Communications, in a ‘Corporate Highlight’ video recording (in collaboration with AlphaInvest).

They shared insights on the company’s latest FY2025 results, the performance of its assets across various regions, and addressed questions from the investing community.

If you missed the video, you can watch it through the link below:

Related Documents:

Annual Report 2025
Letter to Shareholders in Relation to the Proposed Renewal of the Share Purchase Mandate
Circular to Shareholders in Relation to the Proposed Dividend in Specie of Units in Centurion Accommodation REIT to Shareholders
Request Form
Notice of AGM
AGM Proxy Form

Disclaimer: At the time of writing, I do not have shares of Centurion Corporation Limited. 

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