Rental accommodation provider Centurion Corporation has formed joint ventures with Xiamen City Home Apartment Management to build out an initial portfolio of 1,500 build-to-rent (BTR) apartments in the southern Chinese city of Xiamen.
The Singapore-based firm’s subsidiary, Centurion China Investments, and Xiamen City Home Apartment have established two joint venture companies to retrofit, renovate, manage and operate BTR apartments catering primarily for working professionals.
Centurion and its Chinese partner will hold 51% and 49% equity stake, respectively, in the joint venture companies.
The first project comprises five blocks of newly constructed residential development, which will be retrofitted into 1,000 apartments specifically for a rental market. The second project comprises one block of newly constructed residential development, which will also be retrofitted into 500 BTR apartments.
Kong Chee Min, Centurion’s CEO, said in a filing to the Singapore Exchange that the joint ventures with the Chinese company marked the group’s first foray into the BTR accommodation market in China.
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