Hong Kong is proving a springboard for local boutique serviced apartment brands to expand into mainland China and across Asia. Last year, market leader Shama opened its first mainland luxury serviced apartment complex in Shanghai's fashionable Xintiandi entertainment district.
It opened to rave reviews and the company built on the success with a second Shanghai property, Shama Xujiahui, a modern residential complex of 219 contemporary and chic apartments. This year the brand extends to Beijing and Dalian, bringing the total portfolio to 1,165 apartments.
'We're looking at all the key growth cities in Asia, from Singapore and Bangkok to second-tier mainland cities,' said Shama chief executive Elaine Young. With financial backing from investment banker Morgan Stanley and venture capitalist Gateway Capital Group, further expansion across the region envisages a giant chain of 60 properties by 2010.
'Our vision is to become Asia's premier luxury serviced-apartment brand,' Ms Young said.
VServiced Apartments, with a current Hong Kong portfolio consisting of three boutique apartment buildings, and two more opening by early next year, is also poised for rapid growth with expansion in the Greater China region.
'We will build on our reputation for style and substance, and continue the momentum in both Hong Kong and Greater China,' Deanne Siquiera, general manager of VServiced Apartments, said.
