SINGAPORE - Centurion Corporation said it had won a tender, through its indirect wholly-owned subsidiary Westlite Dormitory (V Five) to operate a student hostel located at 1A Short Street in Singapore.
The property, which consists of a 10-storey building, will be renovated into a student accommodation that can house some 400 students with commercial spaces for businesses such as food and beverage outlets.
Strategically located in close proximity to several schools, the student accommodation will provide easy access to students from the Singapore Management University, LaSalle College of the Arts, Nanyang Academy of Fine Arts, School of the Arts Singapore, as well as Kaplan.
The property, which has a lease of eight years, is expected to commence operations in the second half of this year.
The cost of renovation and fitting out will be funded through internal sources.
Centurion currently owns and operates five student accommodation assets - one in Australia and four in Britain, including three in the city of Manchester.
Including this student accommodation asset in Singapore, the total number of beds in Centurion's student accommodation portfolio will increase to about 2,770 by the end of this year.