NewTimeSpace News: On February 10, 2026, Centurion Accommodation REIT announced that it had received the relevant provisional approval to proceed with the construction and renovation works of the Westlite Ubi Project. DBS Bank Ltd. and UBS AG, Singapore Branch act as the joint issue managers, global coordinators, as well as joint bookrunners and underwriters for the REIT's initial public offering.

According to the announcement, the core of the project involves constructing a new 6-storey building and renovating the existing 8-storey building. Upon completion, the number of beds at Westlite Ubi will increase from the current 1,650 to 2,190, adding 540 beds in total. It is learned that Westlite Ubi was previously mainly used as a foreign worker dormitory, and the renovation and expansion this time will optimize its accommodation supporting functions.

In terms of costs and funding, the project requires the payment of approximately S$13.9 million in land premium to JTC Corporation of Singapore, and the manager plans to fund the project with committed debt facilities. The project is expected to commence in the second quarter of 2026 with a construction period of about 1.5 years.

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