Leasing manager Jeremy Lamburn said a number of developments had surfaced in the market that claimed to offer serviced apartments comparable in size and service standard with existing stock.

'The truth is that there remains a limited supply of true, family-sized and deluxe-facility serviced apartments,' he said.

'Many of the new supply products do not have adequate facilities such as restaurants, health clubs and swimming pools on site, and services may be limited with only intermittent housekeeping and maintenance coverage.'

Although some of the new entries in the sector might be larger than others in town, Pacific Place Apartments could be regarded as the only true five-star product in the city centre, Mr Lamburn said.

'In terms of providing a home rather than a temporary residence, and apartment sizes that give small and large families space to spread themselves out, we feel we remain the market leaders,' he said.

The latest supply to come on stream is Four Seasons Place in Central, which market analysts say can compete with Pacific Place Apartments, although units in the new project are generally smaller.

Mr Lamburn did not comment directly on the rival development, but he did say that Pacific Place Apartments excelled in providing the comfort and space expected of a home living environment.

'A large number of our clients are business professionals. They travel a lot and stay in hotels, and their requirements for a residence become very specific. Comfort, space and an ambience that says home are most important,' he said.

Pacific Place Apartments consists of Parkside and The Atrium, two individually designed buildings.

At Parkside, even the one-bedroom units are spacious, at 1,300 sq ft and with a separate kitchen fully fitted with refrigerator, freezer, cooker, dishwasher and washer-drier.

'Many Hong Kong serviced apartments do not have this range of space and facilities,' he said. 'Our customers' idea of a perfect serviced apartment is one with five-star hotel service but in an environment as unlike a hotel as possible. We feel we have achieved this at Pacific Place Apartments.'

The development has recently undergone a significant upgrade. Units in the west wing have been completely renovated, and the occupancy rate now exceeds 90 per cent.

The upgrading of units in the east wing is nearing completion.

Parkside will have 270 completely redesigned and renovated apartments. These include 135 one-bedroom apartments (1,220 sq ft to 1,300 sq ft), 108 two-bedroom apartments (1,750 sq ft to 1,920 sq ft) and 27 three-bedroom units (2,650 sq ft).

There will be four new apartment types, including a three-bedroom category designed to accommodate six adults. This last unit type will be the first of its kind in Hong Kong.

In addition, about 4,000 sq ft of space on each floor of the east wing will be reconfigured to produce three brand-new one-bedroom units.

'We have also noticed a growing trend for dining and entertaining at home,' he said. 'Even the single business executive makes good use of the kitchen facilities provided.

'We foresee that the demand for serviced apartments will remain strong. The discerning client is willing to pay a little more for a high level of comfort and service.'