Revenue for the group’s purpose-built worker accommodation (PBWA) segment grew 15% to $53.4 million in 1QFY2025 — in Singapore, average occupancy remained at 99%, excluding Westlite Ubi which became operational in December. Including Westlite Ubi, the group’s average financial occupancy for Singapore stood at 98%.
In Malaysia, group revenue for the PBWA segment declined marginally by 1% due to decline in financial occupancy but offset by positive rental revisions and a stronger Malaysian currency.
The average financial occupancy, excluding beds newly added from asset enhancement initiatives (AEIs), reduced to 82% in 1QFY2025, from 96% in 1QFY2024.
This is due to the foreign worker cap, which has hindered employers from recruiting new workers. However, due to labour shortages, business owners have called for a relaxation of the current restrictions.
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In Hong Kong, Westlite Sheung Shui which became operational in November 2024, achieved financial occupancy of 25% for 1QFY2025.
In its purpose-built student accommodation (PBSA) portfolio segment, revenue grew 2% y-o-y. In the UK, its revenue increased 6% y-o-y in 1QFY2025 due to positive demand-supply dynamics which is driven by the ongoing bed shortage. Financial occupancy fell slightly to 97%.
In Australia, revenue saw a 7% y-o-y decrease due to a weaker Australian dollar which resulted in negative currency translation impact. Average financial occupancy declined slightly to 86%, and Centurion observed a delay in student arrivals for the academic year 2025 due to international student visa management measures.
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Its built-to-rent segment saw an average financial occupancy of 48% in the quarter.
Shares in Centurion closed 1 cent lower or 0.794% down at $1.25.
