Centurion Corp acquires 85% stake in Tuas dorm operator

Centurion Corporation it has won a bid to acquire a 85% equity interest in DIPL held by Crest Industrial Holdings Pte Ltd.

DIPL is an investment holding company that owns a foreign workers’ dormitory at 90 Tuas South Ave 9. It also has full ownership of three subsidiaries that provide ancillary services associated with the operations of the Tuas dormitory.

The purchase consideration will be partly funded internally and by debt, says Centurion.

Tuas dormitory has a lease to operate for a nine-year period consisting three terms of three years each and has approximately five years remaining. It has a current capacity of 8,600 beds with facilities that are well-maintained and provides residents with several on-site conveniences such as laundry and food catering services and a mini-supermarket. In 2010, it was awarded the BCA Green Mark Gold Award in recognition of its outstanding design and construction quality.