SINGAPORE (Nov 17): Centurion Corporation says Westlite Dormitory (Penang Juru), an indirect wholly-owned subsidiary of the company, won an open tender to design, build and operate a workers village on a piece of land located at Juru in Central District of Province Wellesley, Penang, Malaysia.

Awarded by Penang Development Corporation at a price of MYR20.8 million ($8.1 million), the land is for a potential development of a workers village with a capacity of 12,000 beds with extensive recreation facilities and amenities designed for community living to cater to Penang’s foreign workers.

The land has a lease term of 99 years and comprises a land area of 12.6 acres.

The potential development of the Workers Village is planned to be carried out over two phases with the construction of 6,000 beds in each phase.

Phase 1 of the Proposed Development is expected to complete in the 2nd half of 2016 and Phase 2 is expected to completed within 2 years after the completion of Phase 1.

Centurion will pay PDC an additional MYR2.4 million over two tranches upon the start of Phases 1 and 2 of the development.

Centurion said the acquisition of the land and the proposed development will be funded through internal resources and bank borrowings.

Centurion closed the day 0.9% lower at 54 cents.