Centurion is continually evaluating opportunities to enhance the returns of our portfolio through selective asset enhancement initiatives across its assets.
To ensure that our product remains competitive in the market, we maintain a regular upgrading, refurbishment and repair programme to anticipate and meet the space and living needs of our residents.
With the completion of construction of the 6,600-bed Westlite Bukit Minyak in Penang, Malaysia and 280-bed dwell East End Adelaide, refurbishment of 208-bed dwell Dongdaemun in South Korea and the 160-bed asset enhance programme of RMIT Village in Melbourne, Australia, the Group expects to add 7,248 beds to its total capacity by end-2019.
Centurion is always on the lookout for opportunities to selectively grow the accommodation business through strategic acquisitions in existing and new markets.
In growing our specialised accommodation business, we may also diversify into new niche accommodation asset types that enable us to generate stable, recurring income for shareholders, beyond the student and workers segments. When compelling opportunities arise, the Group will also strategically explore diversification of its accommodation business in new, emerging markets with strong growth potential. We will undertake such acquisitions and investments, either on our own or through strategic relationships or joint ventures with suitable partners.
Centurion has entered a new stage of growth by deepening its offering of investment and property management services, in line with its asset light strategy. This approach will allow the Group to allocate resources efficiently to drive scalable, sustainable growth.
Following the successful closure of Centurion’s inaugural private fund, the Centurion US Student Housing Fund in November 2017, the Group sought to build on this growth pillar to deepen its expansion into investment management services. This culminated in the successful first closing of its global student accommodation fund in December 2018, with a committed capital of 70.0 million, including S$60.0 million by a third-party cornerstone investor, a reputable educational institution. The collaboration with a third-party investor outlines Centurion’s commitment to work with like-minded investors to pursue these types of investment and management services opportunities to strategically grow our business.
We have a strong team of professionals who have years of experience and track record in effectively managing accommodation assets which accommodate various nationalities, customs and cultures, as well as the ability to provide design, construction and management-related consultancy services. Leveraging our deep management expertise and experience, the Group will constantly look for opportunities to manage accommodation assets owned by private companies, developers and institutional or financial investors. We may also enter into strategic partnerships or ventures with suitable partners to carry out management of accommodation assets that are owned by third parties.