Worker and student accommodation demand boosts Centurion revenue

The company posted a 30% revenue growth in 1Q24.

Sustained demand for workers and student accommodations drove Centurion's revenue to grow 30% to $61.1m.

Revenue for its workers accommodation segment rose  31% to $46.2m, whilst its student accommodation reported a 25% YoY higher revenue of $14.7m.

By geographical area, Centurion reported its biggest revenue growth in Singapore, which saw a 37% YoY increase, reaching $41.6m.

The occupancy rate of Centurion’s Singapore portfolio increased to 99% in 1Q24 amidst high demand.

The segment’s revenue also was higher year-on-year at $41.6m “as tenancies renewed at prevailing higher rental rates in 4Q23 began to accrete higher revenue during 1Q24.”