The building will be refurbished and developed into student accommodations with a total capacity of 66 beds. The five-year term agreement also has options to renew for three years and a further two years.
Centurion Overseas Investments COI), a wholly-owned subsidiary of Centurion Corporation (SGX:OU8
) , has established a joint venture (JV) with LionRock Property to invest in a student accommodation property in Hong Kong.
On April 5, the JV company, Centurion-Lionrock (HK), entered into a master lease agreement with Smart Enterprises Limited to lease a building in Hong Kong for five years. COI holds a 60% stake in the JV company, while the remaining 40% is held by LionRock.
