Centurion Master Leases Property Hong Kongs New Territories Workers Accommodation
The subsidiary of Centurion Corporation, Centurion-Lionrock (HK) Ltd, has signed a lease agreement with Abercorn Investments to lease four residential flats located at San Fung Avenue, Shek Wu Hui, New Territories in Hong Kong. This property, now known as Cheung Chi Hang Building, will be renovated to house 550 beds for house workers. The renovation is expected to be completed by October this year.
Centurion’s Westlite workers’ accommodation brand and management platform will be responsible for operating the property. The lease started on July 3 and will expire on May 31, 2030, with an option for five more years upon renewal, subject to terms and conditions. LionRock Property owns the remaining 40% of Centurion-Lionrock, while Centurion Corporation closed at 58.5 cents on July 4. This strategic move highlights Centurion Corporation’s commitment to expanding its presence in the Hong Kong market. With its prime location in the heart of the Sheung Shui neighbourhood, close to the border of Shenzhen and within walking distance of the Sheung Shui MTR station, the property is poised to cater to the growing demand for accommodation for house workers.
By signing this lease agreement, Centurion Corporation is set to transform the four residential flats into a modern and fully functional accommodation for 550 occupants. This project is expected to be completed in October this year, and the property will operate under Centurion’s renowned Westlite workers’ accommodation brand. The lease, which commenced on July 3, will continue until May 31, 2030, with the option to renew for an additional five years, subject to agreed terms and conditions.
Centurion’s subsidiary, Centurion-Lionrock (HK) Ltd, will spearhead the operation and management of this property, under the guidance of Centurion’s Westlite workers’ accommodation brand and management platform. The remaining 40% of the Centurion-Lionrock is owned by LionRock Property.
This property is set to become a hub for house workers, providing them with a comfortable and convenient accommodation option in the bustling Sheung Shui neighbourhood. With its prime location and top-notch facilities, the property is expected to attract a significant number of occupants.
This latest development is a testament to Centurion Corporation’s dedication to expanding its presence in the Hong Kong market. The company believes that this strategic move will further strengthen its position in the region and allow it to tap into the growing demand for quality accommodation for house workers.
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The lease agreement between Centurion-Lionrock and Abercorn Investments highlights the positive outlook for the property market in Hong Kong. With its modern facilities, prime location, and reputable brand, this property is poised to become a preferred choice for house workers in the area.
With this latest addition, Centurion Corporation continues to solidify its position as a market leader in the accommodation sector, catering to the needs of various segments in the Hong Kong market. Centurion Corporation’s share price closed at 58.5 cents on July 4, reflecting the market’s confidence in the company’s growth trajectory.