SINGAPORE - Mainboard-listed Centurion Corporation announced on Thursday (March 30) that it has entered into an agreement to acquire a development site in Adelaide, Australia for A$3.5 million to be developed as a new 280-bed student accommodation.
The total cost, including the cost of land, to develop the project is expected to be approximately A$45.5 million (S$48.7 million), said the company.
The freehold development site is located off Rundle Street on the eastern side of Adelaide City Centre, within walking distance to the University of Adelaide and the University of South Australia and near the main Rundle Mall shopping strip.
The construction and development of "dwell Adelaide" is expected to be completed in the fourth quarter of 2018, catering to the student intake for the 2019 academic year.
The project will be Centurion's second asset in Australia, after RMIT Village which was acquired in 2014, bringing the total number of its Australia student accommodation beds to 736.
Centurion said that by the end of 2018, Centurion expects to have a total of almost 3,500 student accommodation beds across three key tertiary education hubs in Australia, Singapore and the United Kingdom.