Mainboard-listed Centurion Corp has bought a 77,715 sq ft piece of land in Jakarta, Indonesia to develop worker accommodation.
The company said on Friday that it paid about $800,000 for the land through internal resources. It will comprise 750 apartment units catered for workers and middle-level executives working in nearby industrial parks. The project is slated to be completed in 2016.
This project marks Centurion's first worker accommodation investment in Indonesia. It will be developed, owned and operated by Centurion's wholly-owned subsidiary, PT Westlife Accommodation Cibitung.
The land is in the eastern part of Jakarta in the Bekasi District, about 30 km from Central Jakarta.
Some 200 multinational corporations including LG Electronics, Panasonic and Sumitomo are a seven-minute drive away, at the nearby Cibitung Industrial Park.
About 100,000 workers work in and near the industrial park, said Centurion in a statement.
Workers and executives also prefer to live close to their workplace to cut down on travel times due to adverse traffic condititahons in Jakarta.
While Centurion has been focused on worker accommodation, it also has plans to expand its business offering in other fields.
Two weeks ago, Centurion announced its first foray into the student accommodation business with an investment of around A$60 million.
It said on Nov 28 that it had been selected as the successful bidder for the RMIT Village and an adjoining car park building in Melbourne, Australia.
The freehold site, at over 43,000 sq ft, comprises 229 apartments and about 456 beds.