Young professionals drive the growth of boutique-style flats

Expatriates and international businessmen always find it a headache to establish a home away from home even for a short stay in a foreign place where neither hotel accommodation nor renting a private flat is a viable option for them.

Serviced apartments combine the privacy of home living with the convenience and flexibility of luxury hotel accommodation. Demand for such accommodation has grown as a result of the trend among multinationals to redeploy and relocate their staff.

As the market expands, serviced apartment providers are homing in on young professionals - with quite a few mainlanders among them - who are looking for accommodation that is trendy, comfortable and convenient.

Investors and developers have carved out a niche with boutique serviced apartments.

This is a relatively new segment of the market in which the apartments are generally small but are decorated and furnished to a very high standard to provide a trendy, comfortable and homely atmosphere, according to Simon Wong Sau-chuen, research director at CB Richard Ellis.

Serviced apartments come with a wide range of amenities and services, including kitchen and laundry facilities, housekeeping and even a concierge, and membership or discount schemes linked to hotels, shops and restaurants.

Rents for such apartments averaged HK$39.60 per sqft in the fourth quarter last year.