Imaginative eco-friendly apartments are an attraction for young expats
Ambitious entrepreneurs should know that entering the serviced apartment market is not as simple as renovating a property and advertising it.
The full story involves a to-do list only the diligent can complete on time, especially when trying to be eco-friendly.
While it could take between six and nine months from identification of the property to launching it, Dinesh Nihalchand, a founding partner of Serviced Apartments, said his company was able to do it 'because we are incredibly hard working'.
The to-do list also includes calculating the risks of filling the building, creating a design brief, planning a design strategy, talking to contractors, negotiating prices, making sure people deliver what they promise and on time, creating a project time line and building operations platform (including employing the right housekeeping and maintenance people), ensuring the branding strategy is correct and then advertising.
'It takes a lot of imagination,' Mr Nihalchand said. 'The basic underlying formula is intimacy through the power of design. Build a budget around that base, one shareholders are happy with, and you've got a business you trust will translate to young expats who will come and pay for that lifestyle and, in fact, they have.'