Manhattan-style serviced apartments featuring state-of-the-art luxuries are the new trend for overseas executives doing business in Hong Kong

According to Jane Garnett, director of residential services at CB Richard Ellis, the sole leasing agent for Ovolo serviced apartments, not only are expatriate staff relocation budgets shrinking, but contract-based projects or ad hoc assignments are making business travellers opt for short-term stays. The result is a proliferation in self-serviced apartments.

"The trend for serviced apartments is growing in Hong Kong and will continue to grow this year and in future," says Ms Garnett.

Each of boutique-operator Ovolo's Manhattan-style serviced apartments features elegant furnishings, luxurious fittings, and high-tech appliances including 42 inch plasma TV and surround-sound systems.

London-based Yoo - a collaboration between designer Philippe Starck and developer John Hitchcox - will in June open its first Asian property in Hong Kong with Hong Kong developer PC Asia.

Speaking from London, Mr Hitchcox said there were plenty of executive style properties in Hong Kong but very few design-led developments. This would create demand for the company's innovative Yoo Hong Kong development, he said.

"This is why we created a place where you can enjoy life, a place to truly call home rather than a place to stay," he said.

The 23-storey glass tower will comprise of 70 serviced apartments and reflect its Causeway Bay location's "lively and vibrant" atmosphere, says Mr Hitchcox.

Another development is Ellipses, a 70-room serviced apartment complex that opened in Happy Valley last March. Leasing manager KC Kwong said plasma screen televisions, Italian furniture, the views of the Happy Valley racecourse and the city's skyline beyond were selling points for the development.
 
Driving up demand for self-serviced apartments is their flexible leasing arrangements. Executives can lease apartment units on a daily, weekly, monthly, or even yearly basis. Permanent flats do not usually measure up as lease terms are either too long/inflexible, or they are inadequately furnished and equipped. In addition, services such as housekeeping and business centre amenities are often hard to come by. Hotels on the other hand do not fit the bill in terms of cost and comfort.

Serviced apartments come in as a viable alternative, providing the amenities and services guaranteed by a hotel, and the privacy and comforts of a flat.

"The most significant benefit of a serviced apartment lies in the flexible packaging arrangements compared to those offered by an hotel or landlord," says Ms Gartner.

Related links:
CB Richard Ellis www.cbre.com.hk/eng/default.asp
Yoo www.yooarehere.com