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An announcement from Centurion Corporation Limited ( (SG:OU8) ) is now available.
Centurion Accommodation REIT has received the temporary occupation permit (TOP) for an additional 3,696-bed block at its Westlite Mandai workers’ dormitory, following a similar approval for an extra block at Westlite Toh Guan. The TOP triggers the release of about S$26.35 million to the vendors of both properties, and, with regulatory approval for expanded capacity, Westlite Mandai will temporarily retain 1,980 beds that would otherwise have been removed, allowing it to operate 9,986 beds until 31 December 2030. A Foreign Employee Dormitories Act licence application has been submitted for this expanded capacity, after which the REIT will pay S$34.0 million in Mandai Expanded Capacity Consideration to its development partner Lian Beng-Centurion (Mandai) Pte. Ltd., reinforcing the REIT’s portfolio growth and income potential from higher bed numbers.
The most recent analyst rating on (SG:OU8) stock is a Buy with a S$1.02 price target. To see the full list of analyst forecasts on Centurion Corporation Limited stock, see the SG:OU8 Stock Forecast page.
More about Centurion Corporation Limited
Centurion Accommodation REIT, managed by Centurion Asset Management Pte. Ltd., is a Singapore-based real estate investment trust focused on purpose-built workers’ accommodation, notably under the Westlite brand of dormitories. The REIT targets demand for foreign employee housing in Singapore, operating large-scale dormitory assets subject to regulatory capacity limits and licensing under the Foreign Employee Dormitories Act.
Average Trading Volume: 1,321,233
Technical Sentiment Signal: Buy
Current Market Cap: S$1.14B
Find detailed analytics on OU8 stock on TipRanks’ Stock Analysis page.