Singapore’s Centurion acquires new build student accommodation in Adelaide, Australia
Centurion Corporation Limited announced that it has entered into an agreement to acquire a development site in Adelaide, Australia for A$3.5 million to be developed as a new 280-bed student accommodation. The total cost, including the cost of land, to develop the PBSA is expected to be approximately A$45.5 million (S$48.7 million1 ).
The freehold development site is strategically located off Rundle Street on the eastern side of Adelaide City Centre, within walking distance to University of Adelaide and University of South Australia and in close proximity to the main Rundle Mall shopping strip.
Anchored on the core values and ethos of dwell, Centurion’s newly-launched student accommodation brand, dwell Adelaide will offer a quality student accommodation with vibrant communal facilities, including lounges, TV room, games room, and a rooftop terrace. The asset will comprise mainly self-contained studios, two-bedroom and four-bedroom en-suite apartments.
The construction and development of dwell Adelaide is expected to be completed in 4Q 2018, catering to the student intake for the 2019 academic year.
Upon completion, dwell Adelaide will be Centurion’s second asset in Australia, after RMIT Village which was acquired in 2014, bringing the total number of its Australia student accommodation beds to 736. By the end of 2018, Centurion expects to have a total of almost 3,500 student accommodation beds across three key tertiary education hubs in Australia, Singapore and the United Kingdom.
Mr Kong Chee Min (江志明), CEO of Centurion Corporation Limited, said, “We are pleased with this opportunity to partner with Kyren Group to deliver this well-designed, high quality purposebuilt student accommodation in Adelaide. We are excited to grow our presence in Australia with Centurion’s second Australian student accommodation asset as part of our plans to further grow our student accommodation business in Australia. dwell Adelaide will leverage on Centurion’s established operational and management capabilities in providing active community living within our student accommodation and will offer a welcoming, thoughtful and supportive environment for our student residents.”