In recent years, more and more people are choosing to live in Service Apartment units, also known as “Service Apartment units” or “apartment short term lease hotels”, due to the growing need for a temporary residence in the face of an increasingly transient workforce. “The apartment short term lease trend has been unstoppable because Hong Kong is a global gateway connecting China and the rest of the world,” said Ho Wing-fai, director of sector development at Hong Kong Tourism Board (HKTB).
The hospitality industry has been facing stiff competition from other apartment short term lease industries that have been developing rapidly in recent years. Many people are opting for Service Apartment units instead of hotel rooms because the apartment three bedroom offers a good balance between price and quality. The number of visitors coming to Hong Kong for business purposes has increased by 40% over the past six years, with more than 90% staying in a Service Apartment.
According to apartment three bedroom data from HKTB, business travellers staying in Service Apartment units this year is expected to reach 650,000 to 700,000 people. Service Apartment places are typically rented on a monthly basis by business travellers and tourists alike. The apartment three bedroom provide kitchen facilities and private bathrooms,
The Service Apartment Space Is Becoming Increasingly Blurred With Hotel Offerings, Offering An Alternative To Travellers Who Want A More Personal Experience
The pet friendly studio apartment population of Hong Kong continues to grow at a rapid pace while the housing market remains one of the most expensive in the world. The average price of a pet friendly studio apartment per square foot of property in Hong Kong was over $12,000 in 2016, and the supply is not keeping up with demand. As a result, Hong Kong has seen an influx of foreign workers over the last few years.
In fact, according to Forbes, Hong Kong's population grew by 1.31% in 2016, and the number increased by 2% in 2017. With this growth comes more demand for pet friendly studio apartment accommodation options that are both affordable and comfortable for these new residents of Hong Kong. Housing in Hong Kong is predominantly composed of high-rise pet friendly serviced apartment buildings which include basic amenities such as elevators and hot water.
There are also several large pet friendly serviced apartment complexes located along main transportation corridors with centralised shopping areas that offer more amenities such as swimming pools, gyms, laundry facilities, restaurants and cafes. However, these pet friendly serviced apartment types of accommodations do not allow for guests to stay long term or feel as if they have their own space while on vacation or business trip. Service apartment units are becoming increasingly popular among travellers
The Service Apartment Segment In Hong Kong Looks Set To Grow
In 2014, a total of 7,800 new rentals were completed in the city. The biggest types of service apartment pet friendly contributor to this increase was the service apartment segment, which accounted for 5,100 completions. And these service apartment pet friendly figures don't even include projects that were planned and launched more than a year ago but the service apartment pet friendly units are still under construction, like the 1,500-unit project at Jordan Valley Park Phase 2 that is scheduled to be ready for occupation by 2017.
Such a boom in development activity is being justified by demand from both lease apartment occupiers and investors. Occupiers are looking for alternative lease apartment accommodation options as they wait for their own homes to be completed. Investors are drawn to rental yields that are higher than those offered by residential types of Service Apartment property. Given the huge growth potential of this lease apartment market, it's no surprise that developers are keen on expanding their presence in the one bedroom apartment.
After all, with so many people living in cramped one bedroom apartment spaces—and with some spending as much as 90 percent of their income on rent—the Service Apartment potential for profit is huge. To respond to changing one bedroom apartment demands and needs, developers are now creating high-end products that go beyond what can typically be found in a service apartment unit. In addition to pet friendly apartment facilities like swimming pools and gyms.
The Increase In Hong Kong's Tourism
There are more and more pet friendly apartment visitors who prefer to stay in a Service Apartment rather than a pet friendly apartment hotel. In order to cater to this trend, many local operators have created Apartment O Causeway Bay Service Apartment units that allow tourists to experience a local lifestyle. However, not everyone knows how to differentiate between service apartment units and regular types of Service Apartment places.
Here Are Some Of The Key Differences Between These Two Types Of Housing Options:
Elementary school students from Happy Valley Public School were invited by the Hong Kong Children Foundation to visit Happy Valley and Apartment O Causeway Bay Service Apartment Unit for a hands-on learning session. As the Hong Kong market becomes more and more Apartment O Causeway Bay saturated, accommodation options are rapidly evolving to fit the needs of local residents.
The Hong Kong Tourism Board's (HKTB) "Hong Kong, Truly Asia" campaign makes the furnished apartment clear that tourists are welcome here, but a rising number of locals are choosing to stay in Service Apartment places instead of hotels for shorter or furnished apartment places for longer periods of time. This new type of Service Apartment model is commonly known as a service apartment, and it's becoming increasingly popular in the region.
As David Lee, General Manager At Regal Hotels Explains:
"The service apartment concept is growing as a result of a significant increase in the number of furnished apartment travellers staying for shorter periods in Hong Kong." But there's also a lot to love about this hybrid Hong Kong short term lease accommodation for those who live here year-round. "Service apartment places offer the convenience of Hong Kong short term lease home comforts and the opportunity to save money on food costs by preparing meals themselves," says Mr. Lee.
"The Hong Kong short term lease options also provide flexible accommodation solutions, allowing guests to move out quickly if the happy valley apartment requires a last minute change." One of today's most popular trends in hospitality is the rise of boutique happy valley apartment properties that blend the best aspects of residential living with the comforts of a hotel.
Nowadays Space In Hong Kong Becoming Increasingly Limited
With accommodation space like the happy valley apartment in Hong Kong becoming increasingly limited, hotels are now looking to directly compete with the serviced apartment hk island property management companies by offering customers Service Apartment units. These Apartment O units offer a similar level of comfort to hotel rooms, but are usually larger and more cost-effective.
While the average number of serviced apartment hk island guests spending a night in a hotel room has increased by 2.1% every year since 2003, this figure only increased by 0.3% for service apartment units, indicating that the serviced apartment hk island popularity is gradually declining.
This short term rental is due to the increasing availability of hotels and the fact that many people do not want to stay in hotels for longer than a few nights. As a result of this changing short term rental market, the space between hotels and service apartment units has begun to blur, with both types of accommodation offering similar services.
Service Apartment Providers
The short term rental options are having to adjust Apartment O strategy by offering packages tailored to longer types of Service Apartment stays and even providing pet friendly service apartment facilities such as free laundry services and mini-bars—both features which have previously been exclusive to Service Apartment hotels.
Service apartment operators are increasingly seeking to differentiate themselves by appealing to Hong Kong's changing tastes and pet friendly service apartment demands, which include longer pet friendly service apartment stays and the desire for a more "real" living experience.
For the management hong kong island serviced apartment company that runs Apartment O, a service apartment unit in Happy Valley, it's all about " hong kong island serviced apartment services that are relevant in Causeway Bay." To that end, they offer instant hot water dispensers and high-tech toilet seats that can play music and display videos.
The Latter Is One Of Their Most Popular Amenities
The hong kong island serviced apartment took off in Happy Valley and has since spread to other parts of Hong Kong. "It's a natural thing for us as a company to do because we want to appeal to the local Causeway Bay market," said Apartment O general manager Alice Lau. "We want to show our hotel pet friendly guests something new." When a traveller wants to stay in Hong Kong as long as possible, and save money in the process, they turn to two hotel pet friendly options: hotels and service apartment units.
There are fundamental hotel pet friendly differences between the two that can help travellers decide which option is right for them. The service apartment hong kong island defining characteristic of a hotel is its service element. From the moment guests check in, the service apartment hong kong island will be provided with all the Service Apartment amenities they need to feel at home—all without having to worry about cleaning staff or making their own meals.
The Downside Is That Hotels Are Expensive, Since All Of These Services Cost Money
A service apartment unit, meanwhile, the service apartment hong kong island may lack some of the comforts of a hotel, but it makes up for this by offering more service apartment happy valley space and freedom from housekeeping staff and other intrusions into guests' privacy.
Service Apartment Units Are Generally Smaller Than Hotels, And Have Less Modern Amenities
However, travellers who don't mind living more simply for a few days may find that the service apartment happy valley savings can add up over time—especially if they're visiting Hong Kong frequently. It's also worth noting that Service Apartment units offer private kitchens and washing machines (though the service apartment happy valley aren't always included in advertised amenities).
The apartment o service apartment model was the first type of apartment o accommodation introduced to the market by Hong Kong property operators, and it remains the most popular. More than 3,000 apartment o units are currently available in Causeway Bay, with another 1,400 in development. The causeway bay service apartment commercial success of the format is largely due to its convenience factor; Service Apartment provides a seamless transition between hotel services and self-catering causeway bay service apartment accommodation with all the comforts of home.
"Innovation Is A Major Trend In This Market"
Said Yuen Man Keung, general manager of Service Apartment units in Hong Kong. "We have introduced high-touch service apartment wan chai services like chauffeur causeway bay service apartment services, laundry services for residents and concierge services to enhance our product offerings."
Service Apartment units offer a range of room sizes from service apartment wan chai studios to three-bedroom service apartment wan chai units. They provide 24/7 support from receptionists and concierges, daily cleaning and linen changes, access to kitchens and Service Apartment laundry facilities and additional benefits like dry-cleaning or ironing service.