Centurion to buy 7,974-bed Johor worker housing asset for $67.2m

The deal will lift the group’s Malaysian bed capacity by 22%.

Centurion Corporation has entered into a sale and purchase agreement to acquire a 7,974-bed purpose-built worker accommodation asset in Pasir Gudang, Johor, Malaysia, for about $67.2m.

The acquisition will increase the group’s Malaysian bed capacity by 22% to approximately 43,980 beds from about 36,006 beds, according to a bourse filing.

Centurion said the asset will be its largest worker accommodation property in Malaysia and will be managed under its Westlite Accommodation brand.

The asset, located near the Pasir Gudang industrial area, sits on two adjoining 60-year leasehold parcels at Jalan Keluli, with leases expiring on 31 May 2069.

It comprises 444 apartment-style units across eight five-storey blocks, with a built-up area of 749,358 square feet on a 9.73-acre site.

In addition, the property is within five kilometres of the Tanjung Langsat heavy industry corridor.

The first parcel has an approved capacity of about 3,978 beds and is already operating and tenanted by employers in nearby industrial estates.

The second parcel, with about 3,996 beds, will be leased progressively after the acquisition is completed.

The deal’s completion is subject to approval from the Johor State Authority and the satisfactory completion of due diligence.

Centurion manages 13 purpose-built worker accommodation assets across Johor, Penang, and Selangor.

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