Centurion Corporation Limited (OU8) has agreed to acquire a purpose-built worker accommodation asset in Pasir Gudang, Johor, for 67.2 million Singapore dollars.

The property consists of two adjoining 60-year leasehold parcels at Jalan Keluli, expiring on May 31 2069. It offers about 7,974 beds across 444 apartment-style units in eight five-storey blocks, with a total built-up area of 749,358 sq ft on 9.73 acres of land.

One parcel, providing roughly 3,978 beds, is already completed and tenanted by employers in nearby industrial estates. The second parcel, offering about 3,996 beds, has just been completed and will be leased progressively after the transaction closes. Completion of the deal is subject to approvals from the Johor State Authority and final due diligence.

Post-acquisition, Centurion’s Malaysian portfolio will rise by 22% to approximately 43,980 beds, making the Pasir Gudang facility its largest worker accommodation asset in Malaysia. The group currently operates 13 worker accommodation sites in Malaysia and has been active in the country since 2011.

Centurion cited ongoing enforcement of Malaysia’s Employees' Minimum Standards of Housing, Accommodations and Amenities Act 1990 and continued manufacturing growth as supportive factors for demand in compliant worker housing.