Growth momentum in the serviced apartment sector shows little sign of abating, with operators mulling expansion plans and waiting lists growing longer despite the global economic uncertainty.
'The serviced apartment market has remained resilient despite the downturn, thanks to Hong Kong's proximity to China and its strategic importance as a regional hub for international business,' explains Girish Jhunjhnuwala, managing director of home2home Lifestyles Management which owns and operates five serviced-apartment properties under the Ovolo name on Hong Kong Island.
'We did see a slight dip last year, with occupancy rates coming down to between 75 and 80 per cent for a short period, but business has picked up swiftly and our occupancy rate is now back at 100 per cent, with waiting lists for some of our more popular locations such as those in Central.'
The strength of the serviced apartment market can, in part, be attributed to the flexibility, space and quality of the apartment offerings, which look increasingly similar to hotels.
'The line between serviced apartments and hotels is blurring, with apartment operators more design conscious and customer focused. You get more bang for your buck with serviced apartments because there is more space. At home2home, everything from design layout to our services has been thought out to ensure people can make the space into their home from the moment they walk through the door. It isn't just about living.
'For us, it's also to do with how you feel about the space,' Jhunjhnuwala says.