Corporate Milestones
2023
January
The Group was awarded a JTC tender to develop and operate a new Purpose-Built Dormitories (“PBD”) on a 30-year land lease, through a joint venture in which Centurion holds 51%. Situated at Ubi Avenue 3 in the east of Singapore, a region with few PBD, supported mainly by Factory-Converted Dormitories and faces a shortage of quality bed supply. Development is expected to be completed in 2025, adding c.1,650 beds.
The Group also secured a MOM management services contract to manage 5 Centralised Recovery Facilities for a period of 6 months, extendable up to 12 months.
February
The Group announced it has secured a 10-year management contract for a 2,196-bed Purpose-Built Workers Accommodation (“PBWA”), Westlite Cemerlang in Johor, which is expected to commence operations in 3Q 2023.
October
Centurion Corporation announced a strategic partnership with KEZAD Communities, Abu Dhabi’s leading staff accommodation provider. The partnership was solidified with the signing of a memorandum of understanding (MoU) on October 21, 2023 and serves as the foundation for a more extensive collaboration between Centurion and KEZAD Communities.
This partnership reflects Centurion’s and Westlite’s commitment to expanding its presence in the Middle Eastern accommodation market.
November
Centurion was recognised for exemplary performance in corporate governance, management transparency and investor relations at the Securities Investors Association (Singapore) Investors’ Choice Awards 2023. The Group was conferred 3 awards at the show, namely Singapore Corporate Governance Award in the Mid Cap Category (for companies with market capitalisation of S$300 million to less than S$1 billion), Most Transparent Company Award in the Real Estate Category, and Shareholder Communications Excellence Award in the Mid Cap Category.
Centurion also completed Asset Enhancement Initiatives (“AEI”) at Westlite Senai, upgrading to apartment-style rooms and increasing capacity from 1,210 beds to 1,980 beds.
December
Centurion Corporation entered a sale and leaseback agreement with Malaysia’s public sector pension fund, Kumpulan Wang Persaraan (Diperbadankan) [KWAP], for two of the Group’s Malaysia Purpose-Built Workers Accommodation assets, namely, Westlite Bukit Minyak in Penang and Westlite Tampoi in Johor.
Under the terms of the sale and purchase agreements, the two properties will be acquired by KWAP for a consideration of RM 227.0 million (approximately S$65.2 million). On completion of the sale and purchase agreements, Centurion through its subsidiaries will enter into lease agreements with KWAP to leaseback the Properties for a period of 15 years.
2022
May
Asset Enhancement Initiative (“AEI”) of Westlite Tebrau, Johor, Malaysia completed on 23rd May 2022.
September
The management contracts for the 2 Onboard Centres which the Group has been managing since March 2021 came to end of term after a 6-month extension. The Group has returned the properties back to the Government.
November
Following an exchange offer extended to note-holders of Series 005 Fixed Rate Notes due 2024, the Group successfully issued Series 006 S$53M Fixed Rate Notes due 2026.
The Group has in November 2022 extended the term of Centurion US Student Housing Fund for a further two years.
December
Asset Enhancement Initiative (“AEI”) of Westlite Tampoi, Johor, Malaysia completed on 5th December 2022.
2021
March
Management contracts for two Migrant Worker Onboarding Centres (“MWOCs”) in Singapore commenced
May
The Group’s third QBD Westlite Jalan Tukang in Singapore commenced operations with approximately 3,420 beds
First of two acquired blocks at Westlite Pasir Gudang, Johor completed retrofitting and commenced operations with approximately 420 beds
June
Declined option to extend lease of dwell Selegie in Singapore for the final phase of 3+3+2 year tenure upon expiry of the second three-year phase in June
August
Asset Enhancement Initiative (“AEI”) of Westlite Toh Guan in Singapore commenced in August, to redevelop one block
September
AEI of dwell MSV and dwell MSV South, UK completed by September, reconfigured some rooms to enable occupancy and revenue uplifts in upcoming academic years
October
The Group’s fourth QBD Westlite Tuas South Boulevard in Singapore with approximately 628 beds commenced operations
November
Second acquired block (out of two blocks) at Westlite Pasir Gudang in Johor, Malaysia commenced operations with approximately 470 beds after retrofitting
Added three blocks to Westlite Tampoi in Johor, Malaysia with approximately 2,000 beds (reduced from 3,600 beds to comply with Department of Labour of Peninsular Malaysia’s (“JTKSM”) requirement after completion of AEI)
2020
February
Centurion received an in-principle agreement from the Singapore Land Authority for an extension for the use of the existing lease at Westlite Toh Guan as a purpose-built workers accommodation for 25 years, from September 2032 to November 2057.
April
The Group took over operational management of its maiden student accommodation asset, RMIT Village in Melbourne, Australia which was acquired in 2014, and rebranded it dwell Village Melbourne City.
Amid the uncertain economic situations surrounding the COVID-19 outbreak, the Group decided not to proceed with the proposed development of a purpose-built workers accommodation at Juru in Penang. All monies paid for the land in relation to the proposed development have been refunded to the Group without interest.
June
The Group secured a management service contract from JTC Corporation to manage approximately 4,000 beds across three sites in Singapore for a period of six months, with the option by JTC to extend for another six months.
September
The Group secured a 3-year lease, with an option to renew an additional 1 year to operate 4 new Quick Build Dormitories (“QBD”) with approximately 6,400 beds. These dormitories are among the new QBDs whose development was announced by the Singapore Government in June 2020.
October
Following an exchange offer extended to note-holders of Series 004 Fixed Rate Notes due 2022, the Group successfully issued Series 005 S$55 million Fixed Rate Notes (“Notes”) due 2024.
November
The Group secured from Perbadanan Kemajuan Negeri Selangor, also known as Selangor State Development Corporation (“PKNS”), to lease a ready-built property, located in Sungai Way, Petaling Jaya comprising approximately 6,044 beds for workers accommodation. This marks the Group’s entry into Selangor.
December
The Group divested Shanghai Huade Photoelectron Science & Technology Co. Ltd, which owns an optical disc factory in Shanghai.
Centurion was awarded Overall Winner for the Real Estate Industry sector in The Edge
Singapore’s Centurion Club Awards 2020, recognizing the Group’s all-round excellence in considerations such as Growth in Profit After Tax (PAT), Weighted Return on Equity (ROE) and Returns to Shareholders tracked over the past 3 years.
2019
January
The Group received the Certificate of Completion and Compliance for Westlite Bukit Minyak, its first Purpose-Built Worker’s Accommodation (PBWA) in Penang. The 6,600-bed development is Penang’s first PBWA and increased Centurion’s portfolio of properties in Malaysia to seven.
February
Commencement of operation of the 208-bed dwell Dongdaemun, South Korea.
Centurion enters into a 20-year solar panel agreement with Sunseap. Under the agreement, Sunseap installed solar panel systems on Centurion’s ASPRI-Westlite Papan workers dormitory in Singapore. This not only lowered the cost of operations but also helped reduce the dormitory’s carbon footprint by a third.
Commencement of operation of the 280-bed dwell East End Adelaide and most of the new 160 beds under Asset Enhancement Programme (AEP) in Australia.
March
The Group successfully issued Series 004 Tranche 002 S$4 million fixed rate notes (“notes”) due 2022, which will be consolidated and form a single series with the existing S$56 million fixed rate notes due 2022 issued on 1 February 2019. The aggregate principal amount of notes in Series 004 due February 2022 is S$60 million.
Centurion was conferred The Enterprise Award at the Singapore Business Awards 2019, which recognises its effective global expansion, contribution to the community, corporate management and financial performance.
April
Centurion received two regional awards – the Best Provider of The Year (Customised Accommodation Management Services) and CEO of the Year (Customised Accommodation Management Services) awards at the Le Fonti Real Estate Innovation Awards(R). This award is a recognition of our efforts in building and managing a multi-national portfolio of specialised accommodation assets to further augment the Group’s global presence.
May
Centurion obtained conditional permission to reconstruct an existing block in Westlite Toh Guan to include an industrial training centre and new communal facilities for residents.
July
Centurion won the Best Annual Report Bronze Award in the mid-cap category (for listed companies with a market capitalisation of between $300 million and $1 billion) at the Singapore Corporate Awards 2019.
Mr Lim Choon Kwang (Director, Global Security) was awarded the Gold Award for Early Adopters of Security Industry Transformation (Individual) at the Inaugural Security Industry Transformation Awards 2019.
August
Centurion began development of three additional dormitory blocks on a parcel of land adjoining Westlite Tampoi in Johor. This project, named Tampoi II, is expected to complete in 3Q 2020 and will add approximately 3,600 beds to the Group’s Malaysian portfolio.
September
Centurion secured a 10-year lease, with an option to renew for another 5 years, for Westlite Juniper located in the Mandai estate, adding 1,900 beds to our workers accommodation portfolio.
Centurion was one of 2 runners-up for the Investors’ Choice Awards 2019 – Singapore Corporate Governance Award under the mid-cap category, recognising the Group for its exemplary performance in Corporate Governance practices.
October
Centurion Corporation is awarded the HR Excellence Awards 2019 – Excellence in Total Rewards Strategy Award, a recognition for our commitment to attract, motivate and retain top talents through a holistic and competitive total rewards strategy.
December
The Group enlarged its student accommodation business in the UK with the acquisition of a 177-bed student accommodation asset in Nottingham. This expanded the Group’s UK portfolio to a total of 2,852 beds across 11 properties in five cities in the UK.
The Group received a Hong Kong Outstanding Enterprise Award in the Hong Kong Outstanding Enterprises Parade 2019 – Main Board category compiled by the investment weekly magazine Economic Digest, along with 22 other outstanding companies. The award is a recognition of our efforts in building a significant presence in the specialised accommodation asset class, which is a niche area among other Hong Kong-listed peers, with outstanding performance in diversification, operating efficiencies and investment returns.
2018
January
The Group, together with the Association of Process Industries and Lian Beng Group, opened the 7,900-bed ASPRI-Westlite Dormitory – Papan, Singapore’s first integrated purpose-built workers accommodation advocating a “Live, Learn and Play” environment. The event was officiated by the Deputy Prime Minister Mr. Tharman Shanmugaratnam.
March
Centurion has updated its multi-currency debt issuance programme from S$500 million to S$750 million in March 2018.
July
Centurion has been recognised for excellence in corporate governance, board management and investor relations at this year’s Singapore Corporate Awards. The Group won two prestigious gold awards; Best Managed Board and Best Investor Relations in the mid-cap category for listed companies with a market capitalisation of between $300 million and $1 billion.
The Group expanded its student accommodation business in United Kingdom with the acquisition of a 127- bed premium accommodation asset, dwell Princess Street, in the heart of Manchester city centre for £18.7 million, thus, broadening its reach of dwell student living brand.
Centurion has redeemed in full and cancelled S$65 million 5.25% MTN due in July 2018.
September
Centurion announced the proposed acquisition of a freehold property in Seoul, South Korea (55% owned interest) at a purchase consideration of KRW13.5 billion (c.S$16.55 million). The property would be refurbished into a 208-bed accommodation, with a potential to increase up to c.234 beds by 1Q 2019.
Westlite Woodlands won the Dormitory Awards 2018 under the Foreign Employees Dormitories Act regulated category. The award was organised by the Ministry of Manpower, in partnership with the Dormitory Association of Singapore Ltd and the Migrant Workers’ Centre. The Dormitory Awards aims to recognise dormitory operators who exceed basic housing standards and adopt good dormitory management practices, to enhance the quality of life for foreign worker residents.
Deepening the Group’s presence in the UK and marking its entry into the city of Nottingham, the Group acquired a 133-bed student accommodation asset. dwell Castle Gate Haus is well located in Nottingham’s city centre and easily accessible to both of Nottingham’s top universities.
October
The unveiling of 280-bed dwell East End Adelaide, a vibrant and dynamic student accommodation brand to spearhead growth in Australia, marked a significant milestone for the Group. The Property is Centurion’s second student accommodation asset in Australia, following the acquisition of RMIT Village in 2014.
November
Centurion was awarded HR Asia’s Best Companies to work for in Asia 2018 – an award that recognises world-class corporations with high levels of employee engagement and excellent workplace cultures. This award further strengthens the Group’s philosophy of “management with a heart”.
December
The Group announced the first closing of its global (ex-United States) student accommodation private fund, with an aggregate committed capital of S$70.0 million. This marks Centurion’s further expansion into investment management services as part of its asset light strategy.
2017
Westlite was awarded the Project Greenback 2.0 Johor Bahru Gold Partner Award (2015-2016) by the Bank Negara Malaysia and the World Bank.February
Centurion launched a new brand for its student accommodation business ‘dwell‘ in Manchester, United Kingdom.
March
Centurion announced the acquisition of dwell Adelaide, a development site in Adelaide, Australia.
April
The Group successfully issued S$65 million 5.25% MTN which will be due in 2020.
Centurion announced that it is proposing to seek a dual primary listing on the main board of the Stock Exchange of Hong Kong Limited (“SEHK”).
May
The Group successfully issued S$20 million 5.25% MTN which will be due in 2020 (to be consolidated and form a single series with the existing S$65 million notes due 2020 issued in April 2017).
Successful groundbreaking ceremony of dwell Adelaide.
Commenced an asset enhancement programme for the development of a new wing at RMIT Village.
June
Centurion announced the completion of acquisition of dwell Adelaide.
July
Ms Foo Ai Huey was awarded the Best Chief Financial Officer (companies with less than S$300 million in market capitalisation) at the Singapore Corporate Awards 2017.
Centurion Investor Relations Team was awarded the Best Investor Relations Silver Award (companies with less than S$300 million in market capitalisation) at the Singapore Corporate Awards 2017.
Centurion announced the proposed acquisition of a portfolio of five student accommodation assets in the United States.
August
Centurion announced the proposed acquisition of a student accommodation asset located in close proximity to Yale University in the United States.
September
Centurion won the inaugural Shareholder Communications Excellence Award (Mid Cap – companies with market capitalisation of S$300 million to less than S$1 billion) at the SIAS 18th Investors’ Choice Awards 2017.
October
Centurion won the IRPAS-EQS IR Website Survey Awards 2017 – Best Website, Small Cap, 2nd Runner Up Award (companies with less than S$300 million in market capitalisation).
November
Centurion announced the completion of acquisition of a portfolio of six purpose built student accommodation (“PBSA”) assets in the United States (“US”). The six assets are located in five states including Connecticut, Florida, Alabama, Texas and Wisconsin, and primarily cater to first tier universities.
Centurion announced the successful closure of its inaugural private fund, the Centurion US Student Housing Fund (the “Fund”), with an aggregate committed capital of US$89.5 million which has been fully drawn down. Centurion holds approximately 28.7% of the total number of units in issue in the Fund. The Fund marks Centurion’s maiden foray into the US and a new chapter in the Group’s growth as well as asset light strategy, expanding its services to include investment and property management.
December
Centurion was successfully dually listed in Hong Kong, with its public share offer in Hong Kong almost 19 times subscribed and raised a net of HK$72.5 million.
2016
January
Westlite Senai II has successfully achieved completion.
Centurion, Lian Beng and ASPRI celebrated the successful topping out of ASPRI-Westlite Papan.
May
Centurion announced the acquisition of four UK student assets with 519 beds in Manchester, Bristol and Newcastle for a total purchase consideration of £20.1 million.
ASPRI-Westlite Papan has successfully achieved TOP.
July
Centurion announced the completion of acquisition of its fifth to eighth UK student assets.
Mr Kong Chee Min was awarded the Best Chief Executive Officer (companies with less than $300 million in market capitalisation) at the Singapore Corporate Awards 2016.
September
All eight UK student accommodation assets achieved accreditation from the ANUK National Code of Standards for Larger Student Developments 2016.
October
Centurion has redeemed in full and cancelled the S$100 million 5.25% MTN due Oct 2016.
2015
January
Centurion announced that it is exploring the feasibility of establishing a workers accommodation REIT.
Centurion was awarded the 28th Annual (2015) Singapore 1000 Award – Profit Growth Excellence (Services).
March
Centurion, Lian Beng and ASPRI celebrated the successful groundbreaking of ASPRI-Westlite Papan.
Centurion announced the decision to defer and reconsider the proposed REIT transaction to a later stage.
May
Centurion announced that it has won a tender to operate a student hostel located at 1A Short Street in Singapore.
July
Westlite Woodlands has successfully achieved TOP.
The Group successfully issued S$65 million 5.25% MTN which will be due in 2018.
December
CSL Selegie has successfully completed its refurbishment works.
2014
January
Centurion officially opened Westlite Johor Technology Park in Senai, Johor, Malaysia.
February
Centurion announced the completion of the acquisition of RMIT Village.
April
Official opening of Westlite Mandai on 18 April 2014.
June
Centurion announced the acquisition of a 7.6 acres freehold land in Nusajaya, Johor, Malaysia.
August
Centurion announced that it had entered into a sale and purchase agreement to acquire a 4.42 acre land located near Bukit Minyak, Penang, Malaysia.
September
Centurion announced the completion of acquisition of the UK student accommodation portfolio.
October
Centurion obtained shareholders’ approval to expand the geographical scope of its student and workers accommodation businesses to include the Middle East, Europe, the United States and Canada.
Increase of the Multicurrency Medium Term Note (“MTN”) programme limit to S$500 million.
Centurion was awarded SIAS 15th Investors’ Choice Awards 2014 – Most Transparent Company Awards, Technology, Runner Up.
November
Centurion announced that it has won an open tender for a plot of land in Juru, Penang, Malaysia.
December
Centurion announced that it and Lian Beng will jointly develop a 7,900 bed workers accommodation and ASPRI training centre on a plot of land in Jalan Papan, Singapore.
2013
March
Centurion acquired two blocks of workers accommodation in Pasir Gudang, Johor, Malaysia.Centurion acquired a plot of land in Senai, Kulaijaya, Malaysia. It is located next to a plot of land owned by the Group.
September
The Group announced the successful tender of a piece of JTC land at Woodlands Avenue 10. Westlite Woodlands has a capacity of 4,100 beds to house foreign workers in the marine, process and manufacturing industries.
October
The Group successfully issued its inaugural S$100 million 5.25% MTN which will be due in 2016.
November
The Group diversified into the student accommodation business with the announcement of acquisition of RMIT Village in Melbourne, Australia.
December
The Group announced the acquisition of a plot of land in Bekasi, Jakarta, Indonesia.
2012
February
Centurion acquired Westlite Tebrau in Johor, Malaysia.
Centurion acquired Westlite Tuas in Singapore.
April
Centurion acquired Westlite Cemerlang in Johor, Malaysia.
May
Centurion acquired a piece of land in Tampoi Industrial Park, Johor, Malaysia.
Centurion obtained shareholders’ approval to expand scope of business to include student hostels, industrial properties and across geographical markets of South-East Asia, China, Taiwan, Australia, the United Arab Emirates, Qatar and Saudi Arabia.
September
The Group acquired a piece of land at Port Hedland, Western Australia.
October
The Group acquired Westlite Pasir Gudang in Johor, Malaysia.
December
The Group acquired a plot of land in Senai, Kulaijaya, Malaysia.
2011
July
SM Summit completed its reverse takeover exercise on 31 July 2011 and resumed trading under the name of Centurion Corporation Limited (“Centurion”) in October.
August
Centurion Dormitory (Westlite) Pte Ltd (“Westlite”) became a wholly own subsidiary of the Centurion. Centurion has 5,300 beds in its initial portfolio.
November
Centurion made its first acquisition in Malaysia, a piece of land at Johor Technology Park.
2010
Summit entered into term sheets to acquire 100% interest in Centurion Dormitory (Westlite) Pte Ltd (“Westlite”) and 45% interest in Lian Beng Centurion (Mandai) Pte Ltd.
2009
A new associate company, Typhoon Creations was incorporated in Singapore for the distribution of products related to popular animated movies and characters in South East Asia.
Summit went into a joint venture to provide warehousing and distribution in Singapore.
2008
Summit Singapore was the first in the Industry to be successfully certified under the CDSA’s Anti-Piracy and Compliance Program in the areas of content protection and security.
Summit Indonesia expanded CD & DVD capacities and shifted its operations into a larger factory in an Industrial Park in Jakarta. Summit Indonesia received ISO 14001 certification.
2007
Summit Singapore received ISO 14001 certification.
Summit Singapore acquired production facilities from Scorpio East, one of the largest distributor and licensee for video products. Exclusive long-term manufacturing contract was signed.
2006
Summit China relocated its plant to Shanghai Songjiang and expanded its production capacities.
2004
Summit Singapore increased DVD production capacity.
Summit expanded into Indonesia, acquiring a CD manufacturing plant, which was managed by Summit since 2002.
Summit Indonesia was certified by the CDSA under the Anti-Piracy Compliance Program.
2003
Summit Australia expanded into DVD and was awarded the ISO 9001 certification, and became an Authorised Disc Manufacturer (DVD) for Microsoft.
Summit Singapore set up a representative office in Tokyo, Japan through IE Singapore to penetrate into Japan market.
2002
Summit Singapore became the first South East Asian plant to be certified by CDSA under its Anti-Piracy Compliance Program (APCP).
Summit Australia became an Authorised Disc Manufacturer (CD Rom) for Microsoft.
FairVision Pte Ltd, a subsidiary and joint-venture company with FairPrice, one of the largest retail chain in Singapore, was established to install wireless, real-time point-of-purchase displays for retail advertisements in Singapore.
2001
Wow Vision Pte Ltd (“WOW) was incorporated to focus on R&D in wireless technology.
2000
Summit was awarded Overseas Enterprise Incentive status by the EDB for expanding and venturing overseas.
1999
Summit Singapore expanded into DVD and CDR manufacturing and also started to offer and provide warehousing and distribution services to customers.
Summit was awarded Pioneer Status by the Economic Development Board (EDB) of Singapore for the production of CDRs and DVDs.
Summit Australia expanded to provide paper printing and packaging.
Summit Malaysia was listed on the Malaysia Stock Exchange.
1998
Summit’s listing was upgraded to the Mainboard of the Stock Exchange of Singapore. Summit Singapore successfully attained ISO 9002 Certification for achieving International Quality Standards.
1995
Summit was successfully listed on the 2nd Board of the Singapore Stock Exchange. Summit and its Singapore subsidiaries moved into their own factory building at 45 Ubi Road 1. Summit expanded into Australia and a CD manufacturing plant was set up in Sydney, Australia.
1994
Summit Singapore became the first CD manufacturer in Singapore to install a 6-colour offset printing machine. Additional replication lines were also added and installed to meet increasing orders.
1992
Summit Malaysia was granted pioneer status for five years by the Malaysian authorities.
1991
Summit Singapore diversified into CD manufacturing. Customer base grew to include major record companies like BMG, EMI, Polygram, Ponycanyon, Sony and Warner.
1988
Summit expanded to Malaysia and a manufacturing plant was set up in Malaysia (“Summit Malaysia”)
1984
SM Summit Holdings Ltd (“Summit”) was incorporated in Singapore to provide audio cassette tape duplication service.