SINGAPORE - Centurion Corporation has completed its 280-bed quality newbuild student accommodation in Adelaide at the cost of A$45.5 million (S$48.7 million), including the cost of land, the group said in a statement on Wednesday morning (Oct 31) before market open.
This makes it the group's 18th purpose-build student accommodation (PBSA) across Australia, Singapore, the UK and the US with 5,754 beds in all. It is the group's second asset in Australia after its acquisition of RMIT Village in 2014. The property is now open for registration and will be available for rent from January 2019 to cater to the student intake for the new academic year.
The 21-storey PBSA, named dwell East End Adelaide, at 12-18 Synagogue Place off Rundle Street is close by The University of Adelaide, University of South Australia and the main Rundle Mall shopping strip.
There are six types of self-contained studios available for rent, with both single and double occupancy options ranging from 19 square metres to 38 sq m in size. It also boasts lounges, TV rooms, game rooms and a rooftop terrace and staffing around the clock.
Kong Chee Min, the chief executive of Centurion Corporation, said: "We believe the property's prime location within the city centre and range of communal facilities on-site will be attractive to students looking for purpose-built and professionally managed accommodation. dwell East End Adelaide will leverage Centurion's established operational and management experience in the UK, US and Singapore, to bring a welcoming, thoughtful and supportive environment to our student residents in Adelaide."
Mr Kong added: "The completion of the property deepens our PBSA offering and signals our commitment to growing our student accommodation business. We believe in the strong fundamentals of the Australia market and its attractiveness as a tertiary education destination of choice."
Centurion also owns and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia.
As at 9.19 am, Centurion was up half a cent or 1.2 per cent at $0.41.