Bookmark & Share
Centurion Corporation Limited will boost its portfolio with 8,600 foreign workers’ dormitory beds as it acquires an 85 percent stake in Dormitory Investments Private Limited.
The group confirmed that it has already received written acceptance from Crest Industrial Holdings Pte Ltd relevant to its offer to buy the majority stake in Dormitory Investments.
Although it has not specified the acquisition price, Centurion revealed that it will be funded both internally and by debt. The company has already remitted to Crest Industrial, a non-refundable S$403,750 deposit.
“This acquisition effort forms part of the group’s plans to gain a strong foothold in the growing workers accommodation industry in Singapore and the region,” said Centurion.
Investment holding company, Dormitory Investments, is the owner of a foreign workers’ dormitory located at Tuas as well as three subsidiaries that supply ancillary services for its operations.
“Tuas Dormitory is one of the largest single dormitories in Singapore and is a strategic fit to our mission of providing high quality workers accommodation,” said Kong Chee Min, CEO of Centurion.
Dormitory Investments has been granted a nine-year lease to operate the Tuas dormitory, consisting of three-year terms, with the lease having a remaining term of some five years.
Dormitory amenities include a mini-supermarket, laundry and food catering services.
Related Stories:
CIT completes acquisition of industrial property
GLP leases industrial space to F&B group
Ascendas India Trust records small income growth