Centurion Master Leases Property Hong Kongs New Territories Workers Accommodation

Located in the heart of Woodlands, Norwood Grand Champions Way sits amidst a thriving region that is undergoing a major transformation as part of the North Coast Innovation Corridor. Boasting a prime location, this development offers unparalleled convenience for both public transportation users and private vehicle owners.

Centurion Corporation’s subsidiary, Centurion-Lionrock (HK) Ltd, has entered into a lease agreement with Abercorn Investments 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 company holds an indirect 60% stake in Centurion-Lionrock through its subsidiary, Centurion Overseas Investments.

Upon completion of the renovation, the building will provide accommodation for house workers with a total capacity of 550 beds. The property is strategically located in the Sheung Shui neighborhood, close to the border with Shenzhen, and within walking distance of Sheung Shui MTR station. The renovation is expected to be completed by October, with the property ready for operation.

Centurion-Lionrock will manage and operate the property under Centurion’s Westlite workers’ accommodation brand and management platform. The master lease of the property began on July 3, 2018, and will expire on May 31, 2030, with an option to renew for five years, subject to terms and conditions.

The remaining 40% of the Centurion-Lionrock subsidiary is owned by LionRock Property. On July 4, Centurion’s stock closed at 58.5 cents.