Centurion plans to knock down a set of present residences for its pupil housing undertaking
Singapore-based Centurion Properties is proposing to construct a 732-unit pupil housing complicated in Sydney, Australia for A$132.17 million ($91.5 million) to serve the rising demand for prime quality services generated by a wave of returning abroad college students.
A unit of Centurion Properties, which is the controlling shareholder in SGX-listed Centurion Corp, has utilized to the Metropolis of Ryde, a suburb northwest of the New South Wales capital, for permission to construct a pupil lodging complicated at 17-21 Lachlan Avenue and 163 Herring Highway in Macquarie Park, software paperwork lodged on 9 January confirmed.
The plan, which was first reported by native property information web site The City Developer, signifies that SGX-listed agency Centurion will function the undertaking beneath its dwell Residing model, by which the corporate already owns 19 pupil housing services throughout Australia, Korea, the UK and the US.
“The anticipated development in worldwide pupil numbers following the peak of COVID-19 associated well being and journey restrictions in addition to the continued development in home pupil numbers is prone to enhance demand for pupil lodging near the Macquarie College Campus,” the appliance learn. “By contributing to the availability of housing particularly for college students, it’s assumed the proposal will help in lowering any transference of this demand to the personal rental market.”
Aiming for Returning College students
To construct the brand new undertaking, Centurion Properties is proposing to knock down 4 present four-storey condo blocks on the three,902 sq. metre (42,000 sq. foot) web site and develop a purpose-built pupil lodging with a 13-storey wing going through Herring Highway, a 15-storey wing on the aspect of Lachlan Avenue and a 10-floor wing between the 2.
David Loh Kim Kang, government director and joint chairman of Centurion Corp.
The proposed complicated will home 732 pupil rooms in a mixture of cluster residences in addition to commonplace and premium studios.
Proposed as a means to supply international college students coming to Australia with prime quality lodging, the buildings will even incorporate communal areas with facilities together with eating areas, health club services, lounges, classrooms, courtyards and a roof terrace with swimming pool. It can even have 24/7 on-site administration and safety.
Situated about 500 metres (547 yards) from the centre of the Macquarie College campus the location can also be lower than 5 minutes’ stroll from a metro station which offers entry to Sydney’s central enterprise district in lower than an hour..
Given the scale of the funding, the plan was additionally referred to the Sydney North Planning Panel for assessment. The paperwork, nevertheless, didn’t point out a timeline for the appliance course of.
When requested to remark, a consultant from Centurion Corp stated the listed agency isn’t concerned within the Sydney property.
College students and Employees United
Listed on each the Hong Kong and Singapore inventory exchanges, Centurion Corp makes a speciality of creating and working employee and pupil lodging and had 36 operational properties with 79,713 beds as of end-2021.
The group’s pupil housing portfolio is managed beneath the Dwell model with 10 belongings within the UK, two properties in Australia and one in Seoul, South Korea.
Its purpose-built rental properties for staff are managed beneath its Westlite Lodging model with 9 operational belongings in Singapore and eight in Malaysia.
Whereas ready for regulators to inexperienced mild its newest Aussie undertaking, Centurion Corp can also be busy with a S$85 million three way partnership with SGX-listed developer Lian Beng Group in Singapore’s Geylang space.
Within the conventional industrial neighbourhood the companions are constructing a 1,650-bed dormitory for international staff at Ubi Avenue 3 on a 7,045 sq. metere land plot that they received by a public tender on 13 January for S$40.2 million.
