To Yeo, the Perth acquisition supports Centurion’s strategy to move into developmental projects and grow them into mature assets before monetising them. However, the project is scheduled to be completed in December 2027 and as such, any contributions are likely to come in from 2028 onwards.
RHB Bank Singapore analyst Alfie Yeo has increased his target price to $1.86 on Centurion Corp after the company’s 25% stake acquisition of a 472-bed purpose-built student accommodation (PBSA) development in Perth, Australia for A$6 million ($5.1 million).
The project is located at 37-43 Stirling Highway in Nedlands and is within 500 metres or a 10 minute walk from the University of Western Australia’s Crawley campus and walking distance from Queen Elizabeth II Medical Centre. The PBSA is also located near a rail network and high-frequency buses that go to the city’s central business district (CBD). The PBSA development will be put under Centurion’s premium PBSA brand, Epiisod and funded with internal resources.
