Centurion Corporation Limited has announced the acquisition of Harum Megah, a Johor-based dormitory operator, for $33.2m (RM110.8m). This strategic move, executed through Centurion’s subsidiary, Centurion Dormitories Sdn. Bhd., adds six Purpose-Built Worker Accommodation assets to its portfolio, increasing its bed capacity in Malaysia by 25% to approximately 35,610 beds.
The acquisition aligns with Centurion’s goal to double its bed capacity in Malaysia over the next five years, as outlined in a letter of intent signed with the Iskandar Regional Development Authority. The six assets, strategically located in mature industrial estates, boast a total capacity of around 7,197 beds and are fully operational with healthy occupancies. These assets are licensed as Centralised Labour Quarters and comply with Malaysia’s Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 446).
Kong Chee Min, CEO of Centurion Corporation, stated, “The acquisition expands our Malaysia portfolio with six additional operating assets, strengthening our presence in Johor and broadening our reach in the market. The properties will accrete to the Group’s revenue immediately.”
This acquisition marks a significant step in Centurion’s strategy to support the Johor-Singapore Special Economic Zone and meet the growing demand for quality, compliant accommodation in Malaysia. With ongoing infrastructure and industrial development in the region, the demand for certified worker accommodation remains strong, reinforcing Centurion’s commitment to delivering safe and professionally managed living environments.
“`
