The joint venture, Centurion-Lionrock, is leasing 15 floors of a building at Ma Tau Wai Road and will renovate it into a 89-bed student accommodation.
The property is within walking distance to the Hong Kong Polytechnic University and Hong Kong Metropolitan University.
The property is expected to be operational in September.
Centurion shares closed at 54 cents on May 16, down 1.82% for the day but up 31.71% year to date.
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