Centaline invests HK$180 mn in Popway Hotel for student housing project

Centaline Investment announced today (Sept. 9) that it has purchased the Popway Hotel in Tsim Sha Tsui for HK$180 million, with plans to convert it into a student apartment project.

The company intends to spend about HK$20 million on renovations to provide approximately 150 beds, and aims to invest in several thousand more beds over the next 2 to 3 years.

Kavis Ip, CEO of Centaline Investment, stated that this investment marks the company's first step in the Hong Kong market, with plans to further increase investment and development in the area. "The goal is to invest in 2000 to 3000 beds in the next two to three years, and the project will feature modern facilities, including 24-hour security, high-speed internet, lounge areas, and study spaces," said Ip.

Ip expressed hope to make Hong Kong one of the largest student housing markets in Asia, attracting more global funds and capital to invest in the city. She conservatively estimates that the student housing market could be worth over HK$40 trillion in the coming years.

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