Centurion Buys HK$364M North Point Block

Centurion Corporation is nearing a deal to buy an apartment block in Hong Kong's North Point area. The Singapore-listed rental accommodation specialist has signed a provisional agreement to acquire the Yan Wo building at 70 Java Road for HK$364 million ($46.4 million), according to Land Registry records filed late last month.

A company spokesperson told Mingtiandi that Centurion is negotiating the final sales and purchase agreement. The firm intends to purchase the property through a 50-50 joint venture with Centurion Properties, the private investment arm of its controlling shareholder, Centurion Global.

Property Details

The Yan Wo Building is a 26-storey commercial-residential block built in 2000. It is located about a three-minute walk from the North Point MTR station. The property contains 42 residential units from the fifth floor upwards.

Market sources told Mingtiandi that the seller is an established local family who had been trying to offload the asset for over ten years. The building's total gross floor area is 34,286 square feet. The committed price translates to HK$10,617 per square foot of that total area.

Bobby Mak, a real estate valuer at Hong Kong-based CHFT Advisory and Appraisal, described the deal price as aligned with market conditions. He judges the property to be worth around HK$389 million in total, including HK$239 million for the residential portion and HK$150 million for the retail podium.

"Our estimate on the achievable rent if used as a student hostel would be in the range of HK$30,000 to HK$35,000 per unit per month gross," Mak said. He noted this would be equivalent to a net yield of 4.8 percent to 5.5 percent, which is broadly consistent with the prevailing market range for student accommodation in Hong Kong.

Portfolio Expansion

Centurion entered Hong Kong's rental housing market in 2024. It secured master leases for two student housing projects in Kowloon and a worker accommodation project in New Territories through a joint venture with student housing specialist LionRock Property, led by local architect Addie Chan.

According to the company's unaudited interim results, the 114 beds in its existing Hong Kong student housing properties were averaging 98 percent occupancy at the end of June. The 539-bed worker accommodation project in Sheung Shui, operational since the first quarter of 2025, was 70 percent occupied at the same time.

This North Point deal follows another recent acquisition. In June, Centurion bought eight apartments in Causeway Bay's Yee On Building for a reported HK$52 million. The company is converting those units into rental apartments offering 32 beds, with operations expected to start in the first quarter of 2027.

Singapore Investment Trend

Centurion's move aligns with increased Singaporean investment in Hong Kong property. According to Colliers, Singapore investors accounted for more than 60 percent of foreign investment in Hong Kong properties during the second quarter of 2026.

In July, SC Capital Partners acquired a luxury residential compound called The Belvedere in Chung Hom Kok for HK$305 million from the local family that owns developer Wah Ha Realty Company. In June, developer and fund manager Wee Hur Holdings bought the newly completed One Bedford Place tower in Tai Kok Tsui.