Hong Kong's serviced apartment industry has boomed over the past decade, fuelled by high-flying executives with handsome accommodation allowances from around the world on business locally and in mainland China.
Some stay for months, while many stay for a year or two. What senior managers always seek, however, are stylish temporary homes they can establish as immediate bases for their work.
This has created a phenomenal demand for 'boutique' serviced apartments, complete with everything from luxury furnishing and stylish design to all the latest modern devices such as flat-screen televisions, Wi-fi broadband and i-Pod docks.
The growth of market leaders in the field underlines this demand. One of the first in the market, Shama, has in just over a decade accumulated a portfolio commanding rents ranging from HK$23,000 to HK$70,000 in seven prime locations, including Mid-Levels, SoHo, Central, Causeway Bay, Wan Chai and Tsim Sha Tsui, with an eighth complex about to open in Fortress Hill.
A relative newcomer, VServiced Apartments, has been catching up rapidly, opening a complex every year since launching its first property in Happy Valley two years ago.
Last year it expanded with VWan Chai. This year has seen the opening of VCauseway Bay, its largest complex with 133 units. A second complex opens in Causeway Bay later this year, with VWest Kowloon opening early next year.
