Centurion JV inks 5-year master lease for HK property

The lessee will covert the property to student accommodation.

Centurion-Lionrock (HK) Limited, a joint venture between Centurion Corporation and LionRock Property Limited, entered into a five-year master lease with Golden Well Development Limited for 15 floors of a property in Hong Kong.

The lessee can renew the master lease for two years, subject to further mutual agreement, and “another two terms for the periods of one year and another one year.”

Golden Well Development Limited intends to convert the 15 floors to an 89-bed student accommodation.

The property, located at No. 56, Ma Tau Wai Road, Kowloon, Hong Kong, is within walking distance to Hong Kong Polytechnic University and Hong Kong Metropolitan University.

Upon completion of the renovation, Centurion will operate the property under its dwell student accommodation brand and management platform. 

The company expects the property to be operational in September.