purpose built workers accommodation (PBWA)

The shortage of bed supply for migrant workers has pushed rents up, benefiting dormitory operators like Centurion Corp.

Centurion says it remains positive on the long-term outlook for its globally diversified specialised accommodation portfolio.

National Development Minister Lawrence Wong urged Singaporeans to remain vigilant, noting that "it only takes one case - one hidden case, one cryptic case - to cause new clusters to form”.

Collectively, the hit from the pandemic on the group’s PBSA and PBWA properties has made Lee and Cai shaving their FY20F-22F earnings by 25% (FY20), 15% (FY21), and 4% (FY22) respectively.

Looking ahead, Ling believes the operator has sufficient liquidity to tide the short-term challenges of the crisis.

While the spread of the virus among migrant workers has intensified in the past week, the operator says the outbreak has not impacted its financial occupancy so far, the group states

Of the new cases, 79% are linked to known clusters while the rest are pending contact tracing, the Ministry of Health announced in its daily update.

Singapore’s daily average number of cases has dipped from 40 to 32 since the circuit-breaker begun on April 7. Even so, National Development Minister Lawrence Wong says the city state should prepare for a “long fight”.

Foreign workers are the unsung heroes who form the backbone of Singapore’s modern city. They carry out the largest part of the republic’s construction activity and are responsible for the well-paved roads, skyscraper buildings and iconic garden city.

“The key message is: stay home. Go out only for essential services. Don’t socialise. The long weekend is coming – don’t go out, but instead call your family and friends or chat with them through video conferencing,” advises Health Minister Gan Kim Yong.