Centurion Accommodation REIT (CAREIT) debuts on the Singapore Exchange with a successful S$771 million IPO, marking a milestone as Singapore’s first pure-play living accommodation REIT amid high occupancy rates and robust growth prospects across Singapore, UK, and Australia.
Centurion Accommodation REIT (CAREIT) has marked a significant milestone with its successful spin-off from Centurion Corporation and highly sought-after initial public offering (IPO) on the Singapore Exchange (SGX), creating Singapore’s first pure-play accommodation REIT. Launched in September 2025 at an IPO price of S$0.88 per unit, the offering was overwhelmingly popular, with institutional placement oversubscribed over 16 times and retail subscription exceeding 30 times. The REIT began trading at S$0.98 per unit, representing an 11.4% premium over the IPO price, underlining robust investor confidence. The IPO raised approximately S$771 million, resulting in a market capitalisation exceeding S$1.5 billion, making it Singapore’s second-largest IPO of the year. The portfolio, valued at S$1.8 billion, comprises 14 purpose-built worker and student accommodation assets spread across Singapore, the UK, and Australia, with plans to increase to 15 assets by early 2026.
Centurion Accommodation REIT distinguishes itself as the first and only living accommodation REIT listed in Singapore, offering investors exposure to high-occupancy, purpose-built workers’ accommodation (PBWA) and purpose-built student accommodation (PBSA) assets. Occupancy rates are impressively high, standing at 99.2% for PBWA and 98.2% for PBSA as of 2024, reflecting the essential nature of these accommodation types and skilled management. The portfolio is geographically diversified across supply-constrained and resilient markets, including Singapore’s tight PBWA landscape, and expanding student accommodation markets in the UK and Australia.
The strategic support from Centurion Corporation and its experienced leadership—led by Tony Bin, the REIT manager’s CEO with over 30 years of industry experience—adds to CAREIT’s growth prospects. The REIT benefits from a right-of-first-refusal (ROFR) on Centurion’s pipeline of assets, enabling accretive acquisitions and pipeline expansion. CAR’s leverage remains prudent at 20.9% at IPO, anticipated to rise to 31% following the acquisition of the Sydney PBSA asset, enhancing the portfolio’s asset base and projected net property income (NPI).
Market fundamentals underpinning CAREIT’s potential are strong. Singapore’s PBWA market has grown robustly to S$3.7 billion in 2024, with a five-year compound annual growth rate (CAGR) of 13.1%, and is expected to maintain a near 10% CAGR through 2029. This growth is driven by ongoing demand for foreign worker accommodation in key sectors such as construction and marine, stronger quality regulations elevating supply standards, and supply constraints due to lease non-renewals and retrofitting requirements. Meanwhile, the UK and Australia’s student accommodation markets benefit from increasing international student populations, limited on-campus housing, and rising preferences for modern, managed living environments.
The portfolio’s long weighted average lease expiry (WALE), exceeding 30 years on 84% of assets, provides income stability and mitigates the risks of lease renegotiations. This, coupled with robust occupancy and diversified geographies, offers investors a resilient income stream with growth potential. Forecast distribution yields are attractive, with UOB Kay Hian projecting 6.2% for 2026 and 7.2% for 2027. The firm initiated coverage with a buy recommendation and a target price of S$1.23, valuing the REIT using a dividend discount model with a required return of 8% and growth rate of 2.8%.
CAREIT’s immediate growth drivers include the planned acquisition of the Epiisod Macquarie Park PBSA asset in Sydney, expected to close in early 2026, and expansion of the Westlite Mandai PBWA capacity by nearly 2,000 beds. These initiatives are forecast to boost NPI by over 11% year-on-year by 2026 and increase total portfolio value to more than S$2.1 billion, underscoring the REIT’s expanding scale.
In summary, Centurion Accommodation REIT represents a compelling opportunity for investors seeking resilient, income-generating real estate with geographic diversification across essential worker and student accommodation sectors. Its strong sponsor backing, pipeline visibility, long lease tenures, and solid operational performance position it well for sustainable growth and income resilience amid evolving market dynamics.
📌 Reference Map:
- Paragraph 1 – [1] NextInsight, [2] Business Times, [3] The Straits Times, [4] The Straits Times, [5] Reuters, [6] REITsWeek
- Paragraph 2 – [1] NextInsight, [2] Business Times
- Paragraph 3 – [1] NextInsight
- Paragraph 4 – [1] NextInsight, [2] Business Times, [3] The Straits Times
- Paragraph 5 – [1] NextInsight
- Paragraph 6 – [1] NextInsight
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on a press release from Centurion Asset Management Pte. Ltd., dated 18 September 2025, announcing the IPO of Centurion Accommodation REIT. ([links.sgx.com](https://links.sgx.com/1.0.0/corporate-announcements/IKDFJ1YYNMLT3JM6/859374_Press%20Release%20CAREIT%20Launches%20IPO_20250918.pdf?utm_source=openai)) This press release is the earliest known publication date of substantially similar content. The report includes updated data, such as the REIT’s trading debut on 25 September 2025, which justifies a higher freshness score. However, the core information about the IPO and the REIT’s portfolio remains consistent with the original press release. The narrative has been republished across various reputable outlets, including The Business Times and The Straits Times, indicating widespread coverage. ([businesstimes.com.sg](https://www.businesstimes.com.sg/companies-markets/centurion-accommodation-reit-kicks-sgx-ipo?utm_source=openai))
Quotes check
Score:
10
Notes:
The narrative includes direct quotes from Tony Bin, CEO of Centurion Asset Management, as reported in the press release dated 18 September 2025. ([links.sgx.com](https://links.sgx.com/1.0.0/corporate-announcements/IKDFJ1YYNMLT3JM6/859374_Press%20Release%20CAREIT%20Launches%20IPO_20250918.pdf?utm_source=openai)) These quotes are consistent with the original press release, indicating no new or exclusive content.
Source reliability
Score:
10
Notes:
The narrative originates from a press release issued by Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT. This is a reputable organisation with a public presence and a legitimate website, indicating high source reliability.
Plausability check
Score:
10
Notes:
The claims made in the narrative align with publicly available information about Centurion Accommodation REIT’s IPO and portfolio. The REIT’s trading debut on 25 September 2025, with units opening at S$0.98 per unit, is consistent with reports from The Straits Times. ([straitstimes.com](https://www.straitstimes.com/business/centurion-accommodation-reits-offer-of-262-million-units-oversubscribed-by-16-6-times?utm_source=openai)) The projected distribution yields of 7.47% for 2026 and 8.11% for 2027 are also in line with the information provided in the press release. ([links.sgx.com](https://links.sgx.com/1.0.0/corporate-announcements/IKDFJ1YYNMLT3JM6/859374_Press%20Release%20CAREIT%20Launches%20IPO_20250918.pdf?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is based on a press release from Centurion Asset Management Pte. Ltd., dated 18 September 2025, announcing the IPO of Centurion Accommodation REIT. The content has been republished across reputable outlets, and the claims made are consistent with publicly available information. The source is reliable, and the information is plausible, indicating a high level of confidence in the assessment.
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