A $92 Million Student Housing Project in Sydney

Centurion Properties, based in Singapore, intends to build a 732-unit student housing complex in Sydney, Australia, for A$132.17 million ($91.5 million) to meet the growing demand for high-quality facilities caused by a flood of returning international students.

The controlling shareholder in SGX-listed Centurion Corp, Centurion Properties, has applied to the City of Ryde, a suburb northwest of New South Wales, for a permit to construct a student housing complex at 17-21 Lachlan Avenue and 163 Herring Road in Macquarie Park, according to application documents filed on 9 January.

The local property news site, The Urban Developer, reported a plan indicating that SGX-listed firm, Centurion, will run the project under its Dwell Living brand. Noting that, the company already has 19 student housing facilities across Australia, Korea, the UK, and the US.

“The expected growth in international student numbers following the height of COVID-19-related health and travel restrictions as well as the continued growth in domestic student numbers is likely to increase demand for student accommodation close to the Macquarie University Campus,” as said in the application. “By contributing to the supply of housing specifically for students, it is assumed the proposal will assist in reducing any transference of this demand to the private rental market.”

For the returning students, Centurion Properties proposes to remove four existing four-storey apartment blocks on the 3,902 square metres (42,000 square foot) site and build a PBSA (purpose-built student accommodation) with a 13-storey wing facing Herring Road, a 15-storey wing facing Lachlan Avenue, and a 10-floor wing connecting the two.

The proposed project would have 732 student rooms divided between cluster flats and standard and premium studios.

To provide the students with high-quality accommodation, the buildings would also have communal areas with amenities such as dining areas, gym facilities, lounges, study rooms, courtyards, and a roof terrace with a swimming pool. It will also have 24-hour on-site administration and security.

The site is 500 metres (547 yards) from the heart of the Macquarie University campus. It is also less than five minutes walk from a metro station that provides access to Sydney's central business district in under an hour.

Given the size of the investment, the plan was also submitted for review to the Sydney North Planning Panel. However, there was no mention of a timeline for the application process in the documents.

When asked for comment, a Centurion Corp spokesman said that the listed company is not involved in the Sydney property.

Centurion Corp, which is listed on both the Hong Kong and Singapore stock exchanges, specialises in developing and operating worker and student housing and had 36 operational properties with 79,713 beds as of the end of 2021.

The Dwell brand manages the group's student housing portfolio, which includes ten sites in the United Kingdom, two in Australia, and one in Seoul, South Korea. It manages its purpose-built worker rental properties under the Westlite Accommodation brand, with nine operational assets in Singapore and eight in Malaysia.

While waiting for authorities to approve its latest Australian project, Centurion Corp is also working on an S$85 million joint venture in Singapore's Geylang district with SGX-listed developer Lian Beng Group.

The partners are constructing a 1,650-bed dormitory for foreign workers at Ubi Avenue 3 on a 7,045 square metre land plot they acquired in a public tender on 13 January for S$40.2 million.