Following the receipt of a Foreign Employee Dormitories Act (FEDA) licence, the manager of CAREIT will pay $34.0 million to Lian Beng-Centurion.

The manager of Centurion Accommodation REIT (CAREIT) says that it has received the temporary occupation permit in respect of the additional block in Westlite Mandai.

 

This will result in about $26.35 million being released to the relevant vendors of both Westlite Mandai and Westlite Toh Guan.

 

CAREIT says that with the completion of the additional block, the existing 6,290 beds in the remaining blocks in Westlite Mandai were supposed to be reduced to comply with the maximum bed capacity.

 

However, as the relevant authorities have approved of the expanded capacity at Westlife Mandai, the additional beds can be retained until Dec 31, 2030.

 

As such, an application for the Foreign Employee Dormitories Act (FEDA) licence has been made, for the 9,986 beds.

 

After receipt of the FEDA licence, the manager of CAREIT will pay the Mandai Expanded Capacity Consideration of $34.0 million to Lian Beng-Centurion.