Parkview rents rise as market strengthens

PUBLISHED : Wednesday, 18 May, 2005, 12:00am
UPDATED : Wednesday, 18 May, 2005, 12:00am

HONG KONG PARKVIEW has moderately raised the rents for its serviced apartments in recent months due to strong leasing and higher occupancy rates.

The latest rental range for the luxury project is $33,000 to $57,000 per unit a month, compared with $31,000 to $55,000 in the first quarter of this year.

Sales and marketing director Doris Chan said occupancy levels in the serviced suites in Hong Kong Parkview in Tai Tam were running close to 90 per cent, with a strong take-up by tenants as the project continued to maintain its position as a market leader in providing deluxe serviced apartments in Hong Kong.

'We offer serviced suites in different sizes and settings, from one-bedroom to two-bedrooms units of 770 sqft to 1,320 sqft, to meet the needs of different customers including business travellers, executives and families,' she said.

Ms Chan expected a positive outlook for serviced apartments and forecast a rental growth of 12 per cent to 15 per cent in the sector this year.

Increasing business between Hong Kong and the mainland was also expected to support the serviced apartment market as company expansion continued to bring in new expatriates and demand for serviced accommodation.

Weekly leasing packages are available at Hong Kong Parkview to suit tenants preferring a shorter and more flexible stay. A 770 sqft one-bedroom suite is $12,530 a week while the weekly rate for a 1,320 sqft two-bedroom apartment is $18,900.

There are 200 fully furnished serviced suites in the development. North-facing units enjoy a view of the neighbouring Tai Tam Country Park and south-facing apartments overlook the landscaped podium of the project.

The serviced suites are decorated in a combination of eastern and western designs with wooden furniture, sumptuous fabrics and marble-finished bathrooms. In addition to a fully equipped kitchen, home entertainment facilities include wireless broadband internet access, satellite and cable television, and DVD players.

Ms Chan said tenants had access to all clubhouse and recreation facilities during their stay, with a mix of eight restaurants and bars available.

As local economic growth and the influx of expatriates continue to gather pace, she said Hong Kong Parkview offered a home away from home to tenants, with all-embracing facilities and superb and attentive services. Its clubhouse includes a large free-form swimming pool, four tennis courts, three squash courts and two golf driving ranges adjacent to the vast greenery of Tai Tam Country Park.

'Due to the flexibility in lease terms and a range of value-added offerings, Hong Kong Parkview serviced apartments should remain one of the most cost-effective property options for business travellers who come to Hong Kong on a short to medium basis,' she said.

'It is our mandate to continuously upgrade our facilities and services to exceed our guests' expectations. In 2005, there will be a new spa and rock climbing in our Spa & Resort, providing even more complete facilities for our guests.'