Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT, has received provisional permission to expand its Westlite Ubi facility. The development will include a new 6-storey block and alterations to the existing 8-storey block, increasing the total capacity from 1,650 to 2,190 beds.
The expansion will require a land premium of approximately S$13.9m payable to JTC Corporation. The manager plans to finance this project through committed debt facilities. Construction is expected to begin by the second quarter of 2026 and is anticipated to take about 1.5 years to complete. During this period, the current 8-storey block will continue to operate and generate income.
This development is significant as it addresses the growing demand for accommodation in the area. The increase in capacity is expected to enhance the facility’s ability to serve more residents, thereby boosting its operational efficiency and revenue potential.
The expansion aligns with Centurion Accommodation REIT’s strategy to optimise its assets and meet the evolving needs of its clientele. As the project progresses, stakeholders will be keenly observing its impact on the local accommodation market and the REIT’s financial performance.
