Centurion unit acquires Johor-based dormitory operator for $33.2m

This will increase the bed capacity of its Malaysian portfolio by 25%.

Centurion Corporation’s wholly-owned subsidiary, Centurion Dormitories, has acquired Johor-based dormitory operator Harum Megah Resources for $33.2m (RM110.8m).

Incorporated in Malaysia, Harum Megah owns and operates a portfolio of six purpose-built worker accommodation (PBWA) across Johor with a total capacity of 7,197 beds.

According to Centurion, these accommodations are “strategically located in mature industrial estates, and the six assets benefit from a strong migrant workforce catchment, supported by healthy occupancies and an established customer base.”

Following the acquisition, Centurion’s Malaysian portfolio will expand to 35,610 beds, representing a 25% increase in total bed capacity.

It was disclosed in a bourse filing that all six PBWA assets are fully operational, licensed as centralised labour quarters and have been developed and operated in compliance with Malaysia’s Workers’ Minimum Standards of Housing and Amenities Act 1990.

The six PBWA assets under Harum Megah include Cendana Block 21 Dormitory, Cendana Block 6 Dormitory, Desa Cemerlang Dormitory, Kempas Dormitory, Permas Jaya Dormitory, Senai Airport City Dormitory.

RM1.00 = $0.30