Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT (CAREIT), announced that its net property income for the first quarter of 2026 reached S$37.5m, surpassing the prospectus forecast by 2.4%. This performance was attributed to increased occupancy and rental rates, alongside favourable currency movements in the British pound and Australian dollar.
Gross revenue for the period from 1 January to 31 March 2026 was S$52.5m, exceeding expectations by 2.7%. The positive results were further bolstered by the progressive ramp-up of new capacity at Westlite Toh Guan and Westlite Mandai, which experienced strong leasing demand.
CAREIT’s strategic entry into the Sydney Purpose-Built Student Accommodation (PBSA) market through the acquisition of EPIISOD Macquarie Park also contributed significantly. This acquisition, supported by a two-year master lease, is expected to generate A$14.1m for the financial year 2026 and has increased the portfolio valuation by 16.5% to S$2.19b.
The portfolio’s performance highlights CAREIT’s robust market positioning and effective management strategies. With a portfolio occupancy rate of 94% for its Purpose-Built Worker Accommodation (PBWA) and 98.6% for its PBSA, CAREIT continues to demonstrate resilience and growth potential in the accommodation sector.
Looking ahead, CAREIT’s focus on expanding its portfolio and optimising asset performance is expected to sustain its growth trajectory, providing stable returns for investors.
