Centurion eyes more Malaysian properties to buck sluggish Singapore growth

It’s also battling rising land tender prices.

Property developer Centurion is looking to expand its Malaysian portfolio to diversify its income stream, as its growth in Singapore is limited by dormitory bed oversupply and rising land tender prices.

Acording to a report by OSK DMG, Centurion is expected to continue to do well in Malaysia after it made its first acquisition outside the state of Johor.

“With the upcoming supply of 100k dormitory beds coming into the market, we foresee short-term headwinds for Centurion in raising its rates annually and maintaining 100% occupancy for its dormitories. We believe growth in Singapore will also be limited by escalating dormitory land tender bids and a new influx of supply. We expect Centurion to continue to diversify its income stream and expand more in Malaysia and its student accommodation business segment,” noted the report.