Centurion Corporation is expanding its presence in Malaysia with the acquisition of a workers’ accommodation facility in Pasir Gudang, Johor, for RM214.5 million (approximately S$67.2 million).
The acquisition will increase the company’s accommodation capacity in Malaysia by approximately 20%, bringing its total to 43,980 beds across 14 properties.
The newly acquired property is located on two adjoining parcels of leasehold land covering 9.73 acres, with leases expiring on 31 May 2069.
The development consists of 444 apartment-style units across eight five-storey buildings, with a total built-up area of 749,358 sq ft and an approved capacity of 7,974 beds.
The first section of the property is already operational and occupied by workers employed in nearby industrial areas. Tenants include companies involved in food manufacturing, chemicals, metals, logistics and other services.
Meanwhile, construction of the second section has recently been completed, with leasing expected to begin progressively following the completion of the acquisition.
The property is strategically located near Pasir Gudang’s established manufacturing and port facilities, and within five kilometres of the growing Tanjung Langsat heavy industrial corridor.
Centurion Corporation CEO Kong Chee Min described the acquisition as an important milestone in strengthening the company’s Malaysian portfolio and supporting its investment commitment to the Johor-Singapore Special Economic Zone (JS-SEZ).
“As more manufacturers establish operations in Johor, demand for compliant worker accommodation continues to grow. This asset complements our existing portfolio and positions us to meet that demand,” he said.
The acquisition comes as Johor continues to attract manufacturing and industrial investments, creating growing demand for properly managed workers’ accommodation.
Centurion Corporation shares closed at S$1.54 on 8 September, declining 1.91% for the day, although the stock had gained 12.41% year-to-date.
The latest investment further strengthens Centurion’s position in Malaysia’s workers’ accommodation sector, particularly in Johor’s expanding industrial market.
