SINGAPORE (March 30): Centurion Corporation is developing a new 280-bed student accommodation in Adelaide, Australia.
The total cost, including the cost of land, to develop the property named dwell Adelaide is expected to be A$45.5 million (S$48.7 million or RM154 million).
The freehold development site is located off Rundle Street on the eastern side of Adelaide City Centre, within walking distance to University of Adelaide and University of South Australia and in close proximity to the main Rundle Mall shopping strip.
Centurion’s newly-launched student accommodation brand, dwell Adelaide will offer communal facilities, including lounges, TV room, games room, and a rooftop terrace.
The asset will comprise mainly self-contained studios, two-bedroom and four-bedroom en-suite apartments.
The construction and development of dwell Adelaide is expected to be completed in 4Q 2018, catering to the student intake for the 2019 academic year.
Upon completion, dwell Adelaide will be Centurion’s second asset in Australia, after RMIT Village which was acquired in 2014.
This brings the total number of its Australia student accommodation beds to 736.
By the end of 2018, Centurion expects to have a total of almost 3,500 student accommodation beds across three key tertiary education hubs in Australia, Singapore and the UK.
Shares of Centurion closed at 40 Singapore cents. — theedgemarkets.com.sg