Singapore-based specialist accommodation provider Centurion has bought its first asset in the mining town of Karratha in Western Australia to kick off a new residential rental business to provide accommodation to key workers.
The company bought Velocity Village, a 93-room worker accommodation facility with 186 beds, and Velocity Motel & Bistro, which offers 135 executive-style single-occupancy rooms and associated amenities for S$45m (€27.5m).
Centurion is already the most significant provider of purpose-built workers’ accommodation across Singapore, Malaysia and China, but until now did not own assets in what it termed key worker accommodation (KWA).
Kong Chee Min, CEO of Centurion Corporation, said: “With this acquisition, we are entering a new segment – key worker accommodation - with an existing, income-generating asset that fits our platform and creates value from the onset.”
The group is actively exploring further opportunities in the KWA segment across Australia and in other markets, according to the company. It said following the spin-off and listing of Centurion Accommodation REIT, the group was well-positioned to deploy capital strategically into new growth areas.
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