Centurion Corporation Limited

Background

Centurion Corporation Limited ("Centurion") is a Singapore-based investment holding company specializing in the ownership, development, and management of purpose-built accommodation assets. The company's mission is to provide high-quality living environments for workers and students, enhancing their well-being and productivity. Centurion's vision is to be a leading global provider of specialized accommodation solutions, recognized for excellence in service and innovation.

Operating under the "Westlite Accommodation" brand, Centurion manages workers' accommodations in Singapore and Malaysia. The "dwell" brand encompasses the company's student accommodation assets in Australia, the United Kingdom (UK), the United States (US), and China. As of September 30, 2024, Centurion's portfolio includes 34 operational accommodation assets totaling 66,660 beds.

Key Strategic Focus

Centurion's strategic focus centers on:

• Active Asset Management: Enhancing the value and operational efficiency of existing properties through continuous improvements and upgrades.

• Strategic Acquisitions and Joint Ventures: Expanding the portfolio by identifying and acquiring properties that align with the company's growth objectives, often in partnership with other entities.

• Customized Accommodation Management Services: Developing tailored services to meet the specific needs of diverse resident communities, ensuring high satisfaction and retention rates.

The company targets markets with strong demand for quality accommodation solutions, including major educational hubs and industrial regions experiencing workforce growth.

Financials and Funding

For the full year ended December 31, 2023, Centurion reported:

• Revenue: SGD 193.27 million, up from SGD 159.17 million in the previous year.

• Net Income: SGD 153.12 million, a significant increase from SGD 71.43 million a year ago.

• Basic Earnings Per Share: SGD 0.1821, compared to SGD 0.085 in the prior year.

In December 2023, Centurion entered a sale and leaseback agreement with Malaysia's public sector pension fund, Kumpulan Wang Persaraan (Diperbadankan) [KWAP], for two of its Malaysian workers' accommodation assets. The properties were sold for RM 227.0 million (approximately SGD 65.2 million), with Centurion leasing them back for a period of 15 years.

Pipeline Development

Centurion's development pipeline includes:

• Ubi Avenue 3, Singapore: Awarded a JTC tender in January 2023 to develop and operate a new Purpose-Built Dormitory on a 30-year land lease. The development is expected to be completed in 2025, adding approximately 1,650 beds.

Technological Platform and Innovation

Centurion differentiates itself through:

• Innovative Design and Build: Developing accommodation facilities with ensuite toilets, showers, and kitchens since 2011, ahead of regulatory requirements.

• Resident Well-being Programs: Implementing initiatives like the Resi-Life program to support the physical, social, and emotional well-being of residents.

• Sustainability Initiatives: Partnering with renewable energy providers to install solar panel systems, reducing operational costs and carbon footprint.

Leadership Team

• Kong Chee Min: Chief Executive Officer since July 31, 2011.

• Foo Ai Huey: Chief Financial Officer since July 31, 2011.

• Lee Geok Ing: Chief Administrative Officer since December 31, 1994.

• Teo Peng Kwang: Corporate Officer/Principal since July 31, 2011.

Leadership Changes

As of December 31, 2023, Centurion appointed:

• Chan Wan Hong: Director/Board Member.

• Kong Ming Leong: Director/Board Member.

Competitor Profile

Market Insights and Dynamics

The specialized accommodation market is characterized by:

• High Demand: Driven by increasing numbers of foreign workers and international students.

• Regulatory Compliance: Emphasis on providing quality living conditions to meet health and safety standards.

• Sustainability: Growing importance of environmentally friendly practices in accommodation management.

Competitor Analysis

Key competitors include:

• GEFCO: Provides logistics and transportation solutions.

• Bollore Transport & Logistics: A shipping company.

• Rizhao Port: Offers cargo handling and storage services.

• Huaihe Energy: Specializes in port logistics.

Strategic Collaborations and Partnerships

Notable partnerships:

• KEZAD Communities: In October 2023, Centurion signed a memorandum of understanding with Abu Dhabi's leading staff accommodation provider, marking its expansion into the Middle Eastern market.

Operational Insights

Centurion's competitive advantages include:

• Innovative Accommodation Design: Early adoption of ensuite facilities enhances resident comfort and compliance with health standards.

• Resident Well-being Programs: Initiatives like Resi-Life foster community engagement and support.

• Sustainability Efforts: Solar panel installations reduce operational costs and environmental impact.

Strategic Opportunities and Future Directions

Centurion's strategic roadmap focuses on:

• Portfolio Expansion: Developing new accommodation assets in high-demand regions.

• Technological Integration: Enhancing operational efficiency through technology.

• Sustainability Initiatives: Continuing to implement environmentally friendly practices.

Contact Information

• Website: centurioncorp.com.sg

• Headquarters: Singapore

Note: Specific contact details such as address, phone number, and email are omitted in accordance with the provided instructions.