Accommodation provider Centurion Corporation has acquired Malaysian dormitory operator Harum Megah Resources for RM110.8m (€23m).
Harum Megah owns and operates a portfolio of six purpose-built worker accommodation assets located across the southern-most state of peninsula Malaysia, Johor, with a total capacity of almost 7200 beds.
The acquisition expands Centurion’s Malaysian portfolio by 25% to around 35,610 beds.
Singapore-based Centurion plans to double its bed capacity in Johor in the next five years, with a potential investment ranging between RM300m to RM500m into the Johor-Singapore Special Economic Zone (SEZ).
Kong Chee Min, CEO of Centurion Corporation, said the Harum Megah properties would be accretive to the group’s revenue and position the company to meet the growing demand for quality, compliant accommodation.
“Looking ahead, we remain optimistic on Malaysia’s long-term growth potential and committed to deepening our presence in support of the Johor-Singapore SEZ and beyond.”
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