Centurion master leases property in Hong Kong's New Territories for workers' accommodation

Centurion-Lionrock (HK) Ltd, an indirect 60%-owned subsidiary of Centurion Corporation, held through Centurion Overseas Investments, entered into a lease agreement with Abercorn Investments, an independent third party, to lease all 50 residential flats at Nos. 98, 100, 102 and 104 San Fung Avenue, Shek Wu Hui, New Territories (which is now known as Cheung Chi Hang Building) in Hong Kong. The building will be renovated and turned into an accommodation with a total capacity of 550 beds, primarily for house workers.The property is located in the middle of the Sheung (Shueng) Shui neighbourhood (not far from the border with Shenzhen) and within walking distance of Sheung Shui MTR station. The renovation is likely to be completed, with the property operational by October this year. Centurion-Lionrock will operate the property under Centurion's Westlite workers' accommodation brand and management platform. The master lease of the property started on July 3 this year and will expire on May 31, 2030, with an option to renew for a further five years, subject to terms and conditions. Read also: Hong Kong luxe project sales buoyed by mainland Chinese buyers post-policy easing, says DBS Advertisement Advertisement LionRock Property owns the remaining 40% of the Centurion-Lionrock. Centurion closed at 58.5 cents on July 4.