Since then, Centurion has expanded its PBSA footprint, all managed under the “Dwell” brand, to the UK, US and China. To date, the company operates 10 operational student accommodation assets in the UK, three in the US, two in Australia and two in China.
With Epiisod, Centurion aims to offer a more upscale, wellness-oriented student living experience. Beyond its physical amenities, properties under this brand will come with a signature “Epiisod Experience”, offering privileges such as weekday breakfasts, housekeeping services, gym training sessions, and more.
Centurion believes it is creating a new market for itself. “We’re coming to a new chapter of starting a new brand in Australia, after our learning experience in the US and UK,” says CEO Kong Chee Min. He notes that the PBSA market in Australia is comparatively less mature. For instance, students in the UK may prefer living in PBSAs even if their homes are also near their universities. In contrast, Australian students still choose to live with their parents or in private apartments, Kong explains.
Importantly, Epiisod is positioned as a complementary offering, not a replacement, for Centurion’s existing Dwell brand. While Dwell caters to the functional and affordable segment, Epiisod targets students seeking a higher, or “more adult”-like standard of living. It’s about developing the right asset at the right level depending on the competition, notes Kong.
See also: Structural change in global defence spending unlikely to wane: ST Engineering
Even though Epiisod’s apartments will cost more than Centurion’s existing Dwell PBSAs, the price range remains competitive for its class, he adds.
Rental reversions would also be larger in absolute terms, although they would remain within the market range of 3% to 6%, he adds.
Epiisod Macquarie Park
See also: IHH Healthcare’s multi-strategy growth formula
The Sydney launch appears to be timely. According to a Knight Frank report on Australian PBSAs for 2Q2025, a supply-demand imbalance persists, leading to a surge in rental growth for student accommodation. In New South Wales, the student-to-bed ratio of 10.9 is higher than the already relatively high national average of 9.0.
Centurion’s latest property, Epiisod Macquarie Park, offers 732 beds through a mix of 79% studio units and 21% cluster apartments with shared communal areas including the kitchen.
When asked about the mix, Kong says this trend stems from a post-Covid period where students prefer private spaces but still seek community. The size of these studios, which measure between 15 sqm and 17 sqm (161.46 sq ft and 182.99 sq ft), also makes the rates more affordable. The property will be ready for students to move in by the first semester in February 2026. Students will be able to register for residency from July 15 onwards.
The Macquarie Park property will also be injected into Centurion’s spin-off REIT listing, Centurion Accommodation REIT.
Centurion Accommodation REIT
Centurion first announced, in January this year, that it was seeking to establish a REIT comprising some of its PBSAs and purpose-built worker accommodation (PBWA) properties. On June 10, the company announced that it had submitted its listing application to the Singapore Exchange and various applications to the Monetary Authority of Singapore.
On July 14, Centurion announced that the REIT will have an initial portfolio of 14 assets comprising five PBWAs in Singapore, eight PBSAs in the UK and a PBSA in Australia. The PBWA assets have 21,282 beds and the PBSA assets have 2,772 beds as at March 31. The agreed property value is at $1.84 billion. Including Epiisod Macquarie Park, which will be included after the REIT is listed, the enlarged portfolio will comprise a total of 15 assets with an agreed property value of $2.12 billion.
To stay ahead of Singapore and the region’s corporate and economic trends, click here for Latest Section
According to Kong, the assets were selected based on their merits and what was deemed to be suitable for the REIT. On why certain assets were chosen, like the REIT’s Adelaide PBSA and not its Melbourne asset, Kong explains that the group is working on redeveloping its Melbourne property, specifically the carpark that was adjacent to Dwell Village Melbourne City (formerly RMIT Village), to an apartment with 600 or so beds under the Epiisod brand.
“That’s the reason why we didn’t put [the Melbourne PBSA] into the REIT as the REIT cannot take a certain amount of development projects,” Kong explains.
He adds that most of the assets that Centurion has deemed suitable have already been included in the REIT. Beyond its Melbourne PBSA, Centurion’s quick-build dormitories (QBDs), which have shorter tenancies, were not included. ASPRI-Westlite Papan, a mixed development comprising a purpose-built dormitory (PBD) and the Association of Process Industry (ASPRI) training centre, was also not included as that asset was a joint venture (JV) with ASPRI, and the group did not have the land title per se.
The REIT also excluded its Malaysian assets, as investors may be concerned about the exposure to the country, leaving all of its assets within developed markets.
Kong also explains that Centurion omitted its Chinese properties given its “relatively new” foray into the country. Other reasons include China not being counted as a developed market and that the REIT’s properties in the Mainland are under master leases.
However, the combination of PBWAs and PBSAs was something the company had in mind for the REIT, given its own mix as the sponsor.
“A combination of both would create the attractiveness of the REIT. While it’s not Singapore-centric, [a] high proportion of it is Singapore assets,” Kong notes.
In addition, PBSAs are “very resilient” in nature and the land tenure on these properties is “much longer” compared to PBWAs, which makes for a “good mix”. In terms of PBSAs, this will be predominantly under the Dwell brand, which has 3,700 beds, and given that Epiisod is in its early days.
“Our [REIT] is unique,” says Kong, pointing out that the rest of the Singapore-listed REITs (S-REITs) don’t have this particular asset class. “And this presents… a diversification for all fund managers or investors to look at.”
The resilience of Centurion’s particular type of properties, which have been proven over the years, also adds to the REIT portfolio’s attractiveness, he adds.
When it comes to looking for venues for its Epiisod and Dwell PBSAs, JVs or brownfield developments will be taken into consideration. That said, location will be a priority for Centurion, with considerations such as whether these sites are located in twin or single university towns.
With this in mind, Centurion already plans to build another four properties under the Epiisod brand in Australia. Two of them will be in Melbourne and the other two will be in Perth. The assets in Perth are currently held by Centurion Properties, which will take up the planning risk.
Kong acknowledges that good sites are hard to come by. Navigating regulations can be tough, especially in the UK and Australia. He cites an example of planning risk when Centurion purchased a piece of land in Port Hedland, Western Australia, to convert it into a PBWA for the miners. While the planning process seemed fine, the project had to be canned due to “dust issues” cited by the environmental agency. “Planning risk is real. Learning from that, we tread very carefully so that if there are potentially such issues, we will tread more carefully in terms of putting our money in there,” says Kong.
While Centurion has not given up on its plans to establish a PBWA in Western Australia’s mining sector, it is looking to expand its PBWAs in the Middle East.
In October 2023, it announced that it had signed a memorandum of understanding (MOU) with KEZAD (now known as Sdeira Group), Abu Dhabi’s largest end-to-end staff accommodation owner and solutions provider, to “pursue strategic opportunities in the accommodation business amid rising demand for staff accommodation”.
In PBSAs, Centurion is also looking at new markets in Europe and Hong Kong.
When working with JV partners, Centurion will continue these partnerships, offering them the option to have their properties included in the REIT as well. However, Kong notes that most JV partners would like to have an exit strategy.
He adds that while the company’s JV partners needed to be convinced to have their assets included in the REIT, having both platforms via Centurion and the REIT offers flexibility.
In its July 14 statement, Centurion announced that it intends to retain a stake of 35% to 40% in the REIT after the planned dividend in specie (DIS). “We don’t want to consolidate the REIT. That’s the short answer,” says Kong. “Apart from that, we also want to reward our shareholders.”
Why this range? It’s because Centurion has not quite determined how much to distribute its dividends, but thought it would be “very good” if it goes below the 40% mark.
Noting that the company has not raised any capital for 14 to 15 years to acquire properties, Kong hopes to maintain this approach to avoid unnecessarily dilution for shareholders. Given that Centurion’s shareholders have supported the group for the longest time, rewarding them through the units in its REITs is a way of acknowledging their support.
Moving forward, Centurion will focus on its asset-light strategy and work on developments, which separates it from its REIT.
‘More than just a bed and a desk’
David Loh, Centurion’s joint chairman and executive director, says the group’s PBSA strategy is shaped by personal experience.
“As a father of seven children … I understand the need on a deeply personal level,” he shared at the event launch at the Museum of Contemporary Art in Sydney on July 15.
Recounting stories of how he helped his daughters settle into their respective accommodations in Australia, the UK, Switzerland and Ireland, Loh shares that the experience had taught him how “crucial” accommodation was for both students and parents, especially the latter who are entrusting their children to a new environment. “So trust me, I always approach this business from a parent’s perspective, first,” he adds.
From both a business and parental perspective, Loh believes the new brand addresses the “modern desire for connection, comfort and community”, adding that creating a home away from home means understanding that students now need “more than just a bed and a desk”.
Centurion’s shares have risen by over 87% year-to-date, closing at $1.80 on July 17, putting its market capitalisation at $1.51 billion.
