Centurion leases Hong Kong property for workers' accommodation

It covers 50 residential flats at Nos. 98,100,102, and 104 San Fung Avenue, Shek Wu Hui, New Territories.

Centurion Corporation Limited's Board of Directors has announced, that its subsidiary, Centurion-Lionrock (HK) Limited (JV Company), has entered into a lease agreement with Abercorn Investments Limited. 

The agreement covers 50 residential flats located at Nos. 98,100,102, and 104 San Fung Avenue, Shek Wu Hui, New Territories (now Cheung Chi Hang Building) in Hong Kong.

The leased property, centrally situated in Shueng Shui and within walking distance of Sheung Shui MTR station, will undergo renovation to accommodate 550 beds primarily for workers. It is expected to be operational under Centurion Corporation's Westlite workers accommodation brand by October 2024.

The lease, effective from 3 July, extends until 31 May 2030, with an option for an additional five-year renewal.

Additionally, this initiative aligns with the JV Company's business focus on leasing, refurbishment, and management of accommodation assets in Hong Kong, targeting both student and worker populations.

Financially, the transaction is not expected to significantly impact the company’s consolidated net tangible assets or earnings per share for the fiscal year ending 31 December.