Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT (CAREIT), announced that the trust’s net property income (NPI) for the nine months ending 30 September 2026 exceeded its prospectus forecast by 4.8%. The gross revenue also surpassed expectations by 5.7%, reflecting a robust performance amidst challenging market conditions.
CAREIT’s strategic initiatives, including the Asset Enhancement Initiative (AEI) at Westlite Woodlands, are set to unlock additional revenue-generating capacity from 2029. This move aims to counteract capacity reductions from the Dormitory Transition Scheme and bolster long-term cash flow. Additionally, refurbishment works at Dwell The Grafton are scheduled to begin in 2027, further enhancing the property portfolio.
The trust’s portfolio, valued at $1.61 billion (S$2.20 billion), comprises 15 operational properties across three countries, with a focus on purpose-built worker and student accommodation. The occupancy rates in the Purpose-Built Worker Accommodation (PBWA) portfolio have shown improvement, with Westlite Toh Guan and Westlite Mandai reaching committed occupancies of 99.7% and 95.1%, respectively, by the end of September 2026.
Looking ahead, CAREIT anticipates continued growth, driven by higher rental rates and expanded capacity within its PBWA portfolio. The trust expects gross revenue to exceed forecasts, supported by favourable foreign exchange movements and additional revenue from expanded capacities.
In summary, CAREIT’s performance in 9M 2026 highlights its resilience and strategic foresight in navigating market challenges, positioning it for sustained growth in the coming years.
