Centurion acquires Johor dorm operator for $33.7m

Accommodation owner and operator Centurion Corporation has bought Johor-based workers' dormitory provider Harum Megah Resources, making it the latest Singapore company to tap into the region's investment fervour.

- Tay Hong Yi

In a Sept 2 statement, Singapore Exchange-listed Centurion said the RM110.8 million (S$33.7 million) acquisition is part of a potential RM300 million to RM500 million investment in the Johor-Singapore Special Economic Zone (JS-SEZ), following a letter of intent it signed with a state investment authority in May.

"The acquisition marks a significant step in advancing this strategy, expanding Centurion's footprint in Malaysia with strong operational assets that meet regulatory requirements and the housing needs of employers and migrant workers in Johor," the statement said.

Harum Megah's portfolio of six purpose-built worker accommodation properties across Johor will add nearly 7,200 beds to Centurion's Malaysian portfolio, raising the total by 25 per cent to about 35,600 beds.