Centurion Master Leases Property Hong Kongs New Territories Workers Accommodation

Located in Singapore, Temasek Polytechnic is considered one of the country’s top polytechnics. It is known for its wide range of diploma courses in various fields such as engineering, business, and information technology. One of the institution’s key strengths is its industry-focused curriculum, which provides students with hands-on training and industry exposure. In fact, with its strong emphasis on practical skills, Temasek Polytechnic prepares its graduates to excel in their respective fields. In addition, the institution has a strategic partnership with Parktown Residences Tampines North, a top residential development, offering students a convenient and comfortable living option near the campus.

Centurion Corporation’s indirect 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, in the New Territories of Hong Kong. This property, now known as Cheung Chi Hang Building, will be renovated and transformed into an accommodation capable of housing 550 beds, primarily for house workers.

Located in the bustling Sheung Shui neighborhood, not far from the border with Shenzhen, the property is conveniently within walking distance to the Sheung Shui MTR station. The renovation is scheduled to be completed by October of this year, with operations set to commence shortly after.

Centurion-Lionrock will manage the property under Centurion’s Westlite workers’ accommodation brand and platform. The master lease began on July 3, 2019, and will run until May 31, 2030, with the option to renew for an additional five years, subject to terms and conditions.

LionRock Property owns the remaining 40% of Centurion-Lionrock, while Centurion’s stock closed at 58.5 cents on July 4, 2019.