DORMITORY and student accommodation operator Centurion Corporation’s : OU8 0% revenue rose by 30 per cent to S$61.1 million for the first quarter ended Mar 31, from S$47.1 million in the year-ago period.

This was driven mainly by continued positive rental rate revisions and increased occupancies in Centurion’s purpose-built workers accommodation (PBWA) and purpose-built student accommodation (PBSA) assets globally, the group said on Thursday (May 9).

Revenue from the PBWA segment grew 31 per cent to S$46.2 million, from S$35.2 million in the year-ago period. Revenue from the PBSA segment grew 25 per cent to S$14.7 million, from S$11.7 million the year before. 

Kong Chee Min, chief executive officer of Centurion Corporation, said: “We continue to see sustained demand and healthy rental revisions in our student and worker (accommodations) across the markets where Centurion operates. We will continue to enhance our portfolio and explore opportunities for growth in existing and new markets.”

Financial occupancies in the group’s PBWAs in Singapore rose to 99 per cent in Q1 2024, from 98 per cent in Q1 2023. Revenue in the three months ended March was S$41.6 million, compared with S$30.5 million in the year-ago period, as tenancies renewed at prevailing higher rental rates last year. 

In Malaysia, the group added 290 beds in Q2 and 770 beds in Q4 through asset enhancement initiatives. Revenue was S$4.8 million in Q1, compared with S$4.9 million a year ago, due primarily to the weaker Malaysian ringgit.

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In the United Kingdom, continued shortage in PBSA supply in the five cities where Centurion Corporation operates, coupled with higher demand from both domestic and international students, led to strong occupancies and rental revisions. The group’s UK revenue increased 28 per cent to S$10.4 million in Q1. 

Its PBSA revenue in Australia grew 25 per cent year on year to S$3.9 million in Q1, boosted by healthy rental revisions as demand for accommodations exceeded supply. 

Kong said the group, mindful of continued macroeconomic challenges, will continue practising “prudent financial management... to create greater value” for shareholders.

Shares of Centurion closed S$0.005 or 1 per cent down at S$0.495 on Thursday, before the announcement.