CENTURION CORPORATION LIMITED The Singapore Exchange Securities Trading Limited, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
CENTURION CORPORATION LIMITED
勝捷企業有限公司*
(Incorporated in the Republic of Singapore with limited liability)
(Co. Reg. No.: 198401088W)
(SGX Stock Code: OU8)
(SEHK Stock Code: 6090)
OVERSEAS REGULATORY ANNOUNCEMENT
CENTURION REPORTS REVENUE OF S$30.7 MILLION IN 1Q 2021
This overseas regulatory announcement is issued pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Please refer to the following pages for the press release which has been published by Centurion Corporation Limited on the website of the Singapore Exchange Securities Trading Limited on 11 May 2021.
By Order of the Board
Centurion Corporation Limited
Kong Chee Min
Chief Executive Officer
Hong Kong, 11 May 2021
As at the date of this announcement, the Board comprises Mr. Loh Kim Kang David, Mr. Wong Kok Hoe and Mr. Teo Peng Kwang as executive Directors; Mr. Han Seng Juan as non-executive Director; and Mr. Gn Hiang Meng, Mr. Chandra Mohan s/o Rethnam, Mr. Owi Kek Hean, Ms. Tan Poh Hong and Mr. Lee Wei Loon as independent non-executive Directors.
* For identification purpose only
Centurion Corporation Limited
(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)
PRESS RELEASE
For Immediate Release
CENTURION REPORTS REVENUE OF S$30.7 MILLION IN 1Q 2021
- COVID-19pandemic continues to pressure occupancy, particularly in the UK and Australia
- Impact on PBSA revenue moderated by new PBWA portfolio assets added in 4Q 2020
- 8,488 new PBWA beds expected to commence operations by 3Q 2021
Group | |||
1Q 2021 | 1Q 2020 | Change | |
S$'000 | S$'000 | % | |
Revenue | 30,702 | 35,487 | (13) |
Revenue by business segment | |||
Workers Accommodation | 22,817 | 22,841 | - |
Student Accommodation | 7,655 | 12,404 | (38) |
Others | 230 | 242 | (5) |
30,702 | 35,487 | (13) | |
Revenue by geographical area | |||
Singapore | 20,231 | 21,120 | (4) |
Malaysia | 3,339 | 2,759 | 21 |
Australia | 1,155 | 2,642 | (56) |
United Kingdom | 5,470 | 8,336 | (34) |
Others | 507 | 630 | (20) |
30,702 | 35,487 | (13) |
Singapore and Hong Kong, 11 May 2021 - Centurion Corporation Limited (胜捷企业有限公司)
("Centurion" or the "Company" and together with its subsidiaries, the "Group"; SGX stock code: OU8; SEHK stock code: 6090), which owns, develops and manages quality specialised accommodation assets, today provides a voluntary update of its results for the first quarter ended 31 March 2021 ("1Q 2021").
In 1Q 2021, Group revenue declined 13% year-on-year to S$30.7 million, mainly due to a reduction in revenue from the Purpose-Built Student Accommodation ("PBSA") segment. PBSA revenue was S$7.7 million in 1Q 2021, 38% lower year-on-year, as travel restrictions continued to impact financial occupancy in PBSA assets, particularly in Australia. Average financial occupancy for the Group's PBSA portfolio was 56% for 1Q 2021, compared to 85% for 1Q 2020. This excludes the US portfolio which are held under a private fund in which the Group holds an interest of 28.7%.
The pressure on PBSA revenue was moderated by Purpose Built Workers Accommodation ("PBWA") revenue, which was stable at S$22.8 million, supported by improved occupancy in Malaysia as well as revenue from assets added in 4Q 2020, including Westlite-PKNS Petaling Jaya in Selangor Malaysia and two Quick Build Dormitories ("QBD") in Singapore, namely Westlite Kranji Way and Westlite Tuas Ave
2. Excluding Westlite-PKNS Petaling Jaya and the two QBDs, the average financial occupancy of the Group's PBWA portfolio was 84% for 1Q 2021, compared to 89% for 1Q 2020.
Following the recent detection of COVID-positive migrant workers in Singpore worksites and dormitories, including Westlite Woodlands, the Singapore Government has implemented special testing operations and revised testing regimes for recovered workers. The special testing operations at Westlite Woodlands have now been completed and workers residing there have returned to work.
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Centurion Corporation Limited
(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)
The Group works closely with the relevant authorities in the markets where it operates, in coordinated pandemic management efforts for the safety and health of residents and staff. The Group has also invested in additional equipment, solutions and technology to help residents adhere to safe living requirements, and to provide for residents' physical, emotional and social wellbeing.
In Singapore, the Government is conducting a holistic review of dormitory standards in consultation with various stakeholders such as public health experts, dormitory operators, employers, and migrant workers. The government has stated that it will balance the need to strengthen the resilience of dormitories against future public health outbreaks, with ensuring a stable supply of beds and competitive bed rental prices.
The Group is actively engaged in ongoing dialogues with relevant Government authorities regarding future specifications for permanent PBD, the related requirements for its existing PBWAs, and government support for industry and businesses.
Commenting on the Group's performance, Mr Kong Chee Min (江志明), CEO of Centurion Corporation
said: "The COVID-19 pandemic continues to present challenges to our occupancy, but the expansion of our portfolio by prudent asset-light means has enabled the Group to moderate the impact with enlarged and diversified revenue streams."
In 4Q 2020, the Group began operations at two (2) QBDs with 2,320 beds, namely Westlite Kranji Way and Westlite Tuas Avenue 2, on master leases of 3+1 years. The QBDs have achieved financial occupancy of 84% for 1Q 2021. Two additional QBDs, Westlite Jalan Tukang and Westlite Tuas South Boulevard, totalling 4,048 beds, are expected to commence operations by 3Q 2021.
In Malaysia, the Group expects the ongoing Asset Enhancement Initiative of Westlite Tampoi to complete by July 2021, adding approximately 3,600 beds in Johor. Also in Johor, the Group has acquired two existing workers accommodation blocks adjacent to Westlite Pasir Gudang and is retrofitting the blocks to add approximately 840 beds, with operations expected to commence by July 2021.
While Covid-19 remains a challenge to the Group's accommodation business, the pent-up demand for worker and student accommodation remains strong across all the Group's core PBWA and PBSA markets, with employers in Singapore requiring more migrant workers to meet project demands, increasing pressure on employers to provide improved accommodation to migrant workers in Malaysia, and strong student enrollment numbers across the UK and Australia.
As such, Centurion remains positive on the long term outlook for the Group's globally diversified specialised accommodation portfolio, given the resilience of its asset classes, and positive demand fundamentals across markets.
Added Mr Kong: "During this time, we will continue to focus on operational agility to optimise occupancy and rental revenues, management efficiencies for prudent financial management and cash conservation, whilst taking opportunities where strategic and sensible to enhance our portfolio of revenue generating assets."
- END -
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Centurion Corporation Limited
(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)
About Centurion Corporation Limited
Centurion Corporation Limited ("Centurion" or the "Company" and together with its subsidiaries, the "Group") owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and student accommodation assets in Singapore, Australia, South Korea, the United Kingdom ("UK") and the United States ("US").
The Group owns and manages a strong portfolio of 35 operational accommodation assets totalling approximately 73,368 beds as of 31 March 2021. With projects currently under development and undergoing asset enhancement works, the Group's portfolio of accommodation assets is expected to grow to approximately 81,616 beds by FY2021.
With global reach and a clear growth strategy to actively enhance and manage its assets, identify strategic acquisitions and joint ventures, as well as develop customised accommodation management services, Centurion is well-positioned to grow as a leading provider of quality, purpose-built accommodation.
For more information, please visit http://www.centurioncorp.com.sg.
Investor and Media Contact | ||
Investor Enquiries: | Media Enquiries: | |
George Goh | Klareco Communications | |
Investor Relations Manager | Pearl Lam / Karen Yap | |
george.goh@centurioncorp.com.sg | List-Centurion@klarecocomms.com | |
+65-6740-3288 | +65-9724 0521 / +65-8133 6201 | |
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Centurion Corporation Limited
(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)
APPENDIX
Centurion Corporation Limited's Asset Portfolio
Location | Facility | Current Capacity | Expected Capacity | ||||||||
(approx no. of beds) | (approx no. of beds) | ||||||||||
Workers Accommodation | |||||||||||
Westlite Toh Guan | 7,800 | 7,800 | |||||||||
Westlite Mandai | 6,300 | 6,300 | |||||||||
Westlite Woodlands | 4,100 | 4,100 | |||||||||
ASPRI-Westlite Papan | 7,900 | 7,900 | |||||||||
Singapore | Westlite Juniper | 1,900 | 1,900 | ||||||||
Westlite Kranji Way (QBD) | 1,300 | 1,300 | |||||||||
Westlite Tuas Avenue 2 (QBD) | 1,020 | 1,020 | |||||||||
Westlite Tuas South Boulevard (QBD) | - | 628 | |||||||||
Westlite Jalan Tukang (QBD) | - | 3,420 | |||||||||
Total in Singapore | 30,320 | 34,368 | |||||||||
Westlite Tebrau | 2,100 | 2,100 | |||||||||
Westlite Johor Tech Park | 5,800 | 5,800 | |||||||||
Westlite Pasir Gudang | 2,400 | 3,240^ | |||||||||
Westlite Senai | 2,600 | 2,600 | |||||||||
Malaysia | Westlite Tampoi | 5,300 | 8,900* | ||||||||
Westlite Senai II | 5,900 | 5,900 | |||||||||
Westlite Bukit Minyak | 6,600 | 6,600 | |||||||||
Westlite - PKNS Petaling Jaya | 6,044 | 6,044 | |||||||||
Total in Malaysia | 36,744 | 41,184 | |||||||||
Total no. of beds for Workers Accommodation | 67,064 | 75,552 | |||||||||
Student Accommodation | |||||||||||
dwell Selegie | 240 | - | |||||||||
Singapore | (lease will not be renewed upon expiry in June 2021) | ||||||||||
Total in Singapore | 240 | - | |||||||||
dwell Village Melbourne City | 616 | 616 | |||||||||
Australia | dwell East End Adelaide | 280 | 280 | ||||||||
Total in Australia | 896 | 896 | |||||||||
dwell MSV | 1,017 | 1,017 | |||||||||
dwell MSV South | 355 | 355 | |||||||||
dwell The Grafton | 145 | 145 | |||||||||
dwell Cathedral Campus | 383 | 383 | |||||||||
dwell Weston Court | 140 | 140 | |||||||||
U.K. | dwell Hotwells House | 157 | 157 | ||||||||
dwell Garth Heads | 181 | 181 | |||||||||
dwell Princess Street | 127 | 127 | |||||||||
dwell Castle Gate Haus** | 133 | 133 | |||||||||
dwell Archer House | 177 | 177 | |||||||||
Total in U.K. | 2,815 | 2,815 | |||||||||
dwell Towers on State | 231 | 231 | |||||||||
dwell Statesider | 226 | 226 | |||||||||
dwell Logan Square | 642 | 642 | |||||||||
U.S.A # | dwell Tenn Street | 624 | 624 | ||||||||
dwell Stadium View | 216 | 216 | |||||||||
dwell College & Crown | 206 | 206 | |||||||||
Total in U.S. | 2,145 | 2,145 | |||||||||
South Korea | dwell Dongdaemun | 208 | 208 | ||||||||
Total in South Korea | 208 | 208 | |||||||||
Total no. of beds for Student Accommodation | 6,304 | 6,064 | |||||||||
Total no. of beds | 73,368 | 81,616 |
- Upon completion of retrofitting for 2 acquired blocks adjacent to Westlite Pasir Gudang * Upon completion of Westlite Tampoi AEI
** Centurion Overseas Investments Pte. Ltd. holds approximately 14.3% of the total number of units in the Centurion Student Accommodation Fund, which acquired dwell Castle Gate Haus
# Centurion Overseas Investments Pte. Ltd. holds approximately 28.7% of the total number of units in the Centurion US Student Housing Fund, which acquired all 6 US properties
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Centurion Corporation Limited published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 11:23:04 UTC.
