Shares of Centurion Corporation (OU8.SI) surged 3.80% during intraday trading on Wednesday, following the announcement that the company had secured a major tender for a purpose-built worker dormitory in Singapore.

The company was awarded a 30-year lease by the Building and Construction Authority (BCA) for a 22,079-square-meter site at Kranji Close. Centurion tendered S$343 million—the highest among 10 bids—to develop a facility with approximately 7,000 beds. The project is expected to be completed in the second quarter of 2028 and operational by the third quarter of that year, and will increase Centurion’s Singapore purpose-built worker accommodation capacity by around 17% to about 48,898 beds.

The award comes amid strong demand for compliant worker housing in Singapore, with the BCA projecting construction demand of S$47–53 billion in 2026 and the government releasing five dormitory sites to add over 40,200 beds by 2030. Centurion plans to hold a 90% stake in a joint venture to develop the asset, subject to regulatory approval, and may later offer it to Centurion Accommodation REIT under rights of first refusal.