Centurion Takes A 25% Stake In A c.182-Bed Perth Student-Housing Development At Fairway For AUD250,000 — Its Second Perth PBSA, EPIISOD-Operated And An Interested-Person Transaction With ~AUD16.7M Aggregate Group Exposure

Centurion Corporation has subscribed for a 25% stake in a c.182-bed purpose-built student accommodation development at Fairway in Perth for AUD250,000 (S$225,475) — a small cash outlay that opens a second Perth student-housing asset and, beneath the modest headline figure, carries a governance story: the project is 75% owned by Centurion’s own controlling shareholder, making this an interested-person transaction.

Centurion Corporation Limited (SGX: OU8) — a specialised-accommodation owner-operator with worker housing across Singapore, Malaysia and China and a growing student-housing book in Australia, the UK and Hong Kong — announced on 17 June 2026 that its indirect wholly-owned subsidiary, Centurion Overseas Investments (II) Pte. Ltd. (COI(II)), has subscribed for 250,000 ordinary shares, a 25% equity interest, in Fairway Development (Aus) Pty Ltd (FDA). The remaining 75% sits with Centurion Properties Australia Investments Pty Ltd (CPAI), a wholly-owned subsidiary of the group’s controlling shareholder.

The asset

FDA owns a development-approved site at 55-57 Fairway, Crawley, Perth, directly adjacent to the University of Western Australia’s Crawley campus and about 250 metres from the Broadway Fair Shopping Centre, with the Swan River foreshore a short walk away. Construction has commenced, with completion targeted for the second quarter of 2027. The 182-studio block will run under Centurion’s EPIISOD student-accommodation brand, with amenities spanning a gymnasium, yoga studio, sauna, ice bath, rooftop pool and a café. It is the group’s second Perth investment, following the 472-bed EPIISOD development on Stirling Highway announced in December 2025.

A small cheque, a larger commitment

The AUD250,000 consideration — funded from internal resources — was struck on a willing-buyer, willing-seller basis against FDA’s net asset value of AUD227,999 (S$205,632) as at 31 May 2026, with the site carried at a book value of AUD7,133,852 (S$6,434,021) and an indicative independent valuation of AUD6,700,000 (S$6,042,730) commissioned by FDA in April 2026. But the cash subscription understates Centurion’s real exposure. The group is also providing a corporate guarantee of about AUD12,420,000 (S$11,201,598) — its 25% share of FDA’s AUD49,680,000 development loan facility — and proportionate shareholder loans of up to AUD4,000,000 (S$3,607,600). Counting all three, the aggregate amount the group expects to contribute is approximately AUD16,670,000 (S$15,034,673).

The related-party structure

The governance frame is the part worth reading closely. CPAI, which holds the controlling 75%, is ultimately owned by Centurion Global Ltd — a controlling shareholder of Centurion, held equally by joint chairmen Mr Han Seng Juan and Mr Loh Kim Kang David. Both FDA and CPAI are therefore associates of the two men, and the transactions are interested-person transactions under Chapter 9 of the SGX-ST Listing Manual. The group reports that the aggregate value, added to other IPTs for the financial year, represents less than 3% of its latest audited net tangible assets of S$2,172.3 million as at 31 December 2025 — below the threshold that would force an immediate announcement or a shareholder vote. The Audit Committee has reviewed the terms and considers them on normal commercial terms and not prejudicial to minority shareholders. With every Rule 1006 relative figure under 5%, the deal is a non-discloseable transaction; Centurion is announcing it under Rules 703 and 706A regardless.

Where it fits

The Fairway stake is a single tile in a larger build-out. Centurion’s student-accommodation pipeline is expected to add roughly 2,198 beds between 2027 and 2028: in Melbourne, a c.644-bed EPIISOD North Melbourne conversion (1H 2027) and a c.675-bed development at Mackenzie Street near RMIT; in Perth, the 472-bed Stirling Highway asset (4Q 2027) alongside this Fairway project; and in London, a c.225-bed scheme at William Road, Euston (4Q 2028). As at 31 March 2026 the group managed 40 operational assets totalling 81,388 beds, and it is the sponsor of the listed Centurion Accommodation REIT (CAREIT) — the eventual home for stabilised assets under its asset-light strategy.

Why it matters

For a transaction the company itself classifies as non-material, the Fairway subscription is more interesting for what it signals than for what it costs. It shows the mechanism Centurion is using to scale student housing: take a minority economic interest in a project, keep the balance sheet light, operate the asset under its own brand, and feed the eventual income to CAREIT as sponsor. The wrinkle for minority shareholders is the counterparty — the controlling shareholder owns the other three-quarters — which is precisely why the independent Audit Committee sign-off, the sub-3% NTA framing and the disclosure-by-choice under Rule 703 are doing the work. The clearest things to watch are delivery into the targeted 2Q 2027 opening, the lease-up of the broader Australian pipeline against the demand case, and whether these development stakes ultimately rotate into CAREIT.

Source: Centurion Corporation Limited SGX announcement and media release dated 17 June 2026 (“Entry Into Subscription And Shareholders Agreement … Fairway Development (Aus) Pty Ltd”). Currency conversions at the company’s stated rate of AUD 1 : SGD 0.9019 as at 11 June 2026. PropertyAtlas.sg analysis with TKRE Research.