Centurion to acquire a site in Adelaide, Australia for S$22.3 million
It is planning a mixed-use accommodation asset on the site in Adelaide’s retail, cultural and education hub
[SINGAPORE] Centurion Corporation announced on Wednesday (Sep 30) that it is to buy six parcels of land in Adelaide, which it plans to develop into a mixed-use accommodation development, including purpose-built student accommodation, subject to planning and regulatory approvals.
The cash consideration for the six parcels of land is about S$22.3 million, with a 10 per cent deposit payable within seven days of the date of the sale contract; the balance would be due upon the completion of the acquisition.
The 3,300 sq m property, situated at 199-200 North Terrace and 12-20 Gawler Place, comprises the plots of land and the building, plant, equipment and other assets on them.
It is a landmark city-centre site in the heart of Adelaide’s retail, cultural and education precinct; extending from North Terrace to Gawler Place, the property connects Rundle Mall, a pedestrian street mall, with universities, cultural institutions and other amenities.
The acquisition is in line with Centurion’s plan to expand its accommodation footprint in Australia. The transaction is not expected to have a material impact on the company’s financials for FY2026.
A joint-venture company named 200 North Terrace Pty was set up to enter into the contract of sale. Centurion has a 50 per cent indirect interest in it, with the other half held by Centurion’s controlling shareholders and joint chairmen of the board, Han Seng Juan and David Loh.
Centurion will pay about S$11.2 million for its part of the joint venture. The cash consideration will be funded by internal resources.
The sale contract is expected to be completed by Dec 24, or no later than Mar 31, 2027.
Shares of Centurion closed down 1.4 per cent or S$0.02 at S$1.40 on Wednesday.
