Centurion Master Leases Property Hong Kongs New Territories Workers Accommodation
Centurion Corporation’s indirect 60%-owned subsidiary, Centurion-Lionrock (HK) Ltd, recently made a significant move by entering into a lease agreement with Abercorn Investments, an independent third party. Under this agreement, Centurion-Lionrock will lease all 50 residential flats located at Nos. 98, 100, 102, and 104 San Fung Avenue in Shek Wu Hui, New Territories (now known as Cheung Chi Hang Building) in Hong Kong.
The company plans to renovate the building and transform it into an accommodation with a total of 550 beds, primarily targeted towards house workers. The property is situated in the Sheung Shui neighborhood, in close proximity to the border with Shenzhen and just a short walk from the Sheung Shui MTR station. The renovation process is expected to be completed by October this year, with the property ready to operate by then.
Centurion-Lionrock will utilize Centurion’s Westlite workers’ accommodation brand and management platform to operate the property. The master lease for the property commenced on July 3, 2019, and will run until May 31, 2030, with an option to renew for an additional five years, subject to terms and conditions.
LionRock Property, which holds the remaining 40% stake in Centurion-Lionrock, will also play a significant role in this venture. As of July 4, Centurion’s shares were recorded at 58.5 cents.
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