Centurion Q1 revenue jumps 30% to $89.4m on occupancy gains and new beds

Growth was led by Singapore and Australia.

Centurion Corporation Limited reported revenue of $89.4m for the first quarter (Q1) ended 31 March, up 30% from $69.0m a year earlier.

Revenue growth was driven by higher occupancy and new operational beds across its purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA) portfolios in Singapore, Australia, and the UK, the company said.

PBWA revenue rose 30% year on year (YoY) to $69.2m, supported by the consolidation of Westlite Mandai following an increased stake, as well as additional beds from completed asset enhancement initiatives in Singapore and contributions from recently acquired assets in Malaysia.

In Singapore, PBWA revenue increased 29% YoY to $62.6m. Average financial occupancy stood at 95% in Q1 2026, compared with 98% a year earlier.

Malaysia PBWA revenue rose 30% YoY to $6.2m, supported by contributions from the Harum Megah portfolio acquired in 2025.

PBSA revenue increased 30% YoY to $19.6m, driven by sustained occupancy in the UK, rental revisions in Australia and contributions from the EPIISOD Macquarie Park asset in Sydney.

In the UK, PBSA revenue rose 5% YoY to $11.6m, with average occupancy at 98%.

Australia PBSA revenue more than doubled to $7.5m, supported by new capacity and rental growth, whilst occupancy stood at 92%.

Revenue in Hong Kong rose 5% YoY to $11.6m for PBSA operations there, with occupancy at 99%.

Centurion said portfolio capacity is expected to increase from about 81,388 beds to about 85,470 beds by 2027, supported by its development pipeline across Singapore, Australia, and the UK.

The group also highlighted expansion into a key worker accommodation segment in Australia, following acquisitions in Western Australia in April of this year.

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