SINGAPORE (March 21): Centurion Corp has put on hold a plan to float some of its properties through a REIT listing.

The company said in January it had engaged Barclays, United Overseas Bank and UOB Kay Hian to explore a REIT IPO in Singapore.

Following consultations with the Singapore Exchange, Centurion now says the proposed exercise is considered a so-called chain listing under Listing Rule 210(6), which states that a subsidiary or parent company of an existing listed issuer "will not normally be considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing issuer".

"Accordingly, the company has decided to defer and reconsider the proposed REIT Transaction to a later stage," Centurion said in a regulatory filing on March 20.

"Supported by a healthy balance sheet and strong cash flow from its core business operations, the company will continue to pursue its strategic growth plans to expand its workers and students accommodation business in both existing and new markets," it said.

Centurion owns and operates dormitories for foreign workers in Singapore and Malaysia.

It ventured into the student accommodation business in Australia and the UK last year.