Sun Hung Kai Properties believes its latest upmarket serviced apartment project in Tseung Kwan O will set a new benchmark for rents in the area.
Located above the Tseung Kwan O MTR station, the 176-unit serviced apartment tower Vega Suites will be launched this month for monthly rents of between HK$45 and HK$50 per square foot.
The project is located in a non-traditional business district and will be targeted at young business executives, SHKP says.
'Our rentals will set a new benchmark in the area, as Vega Suites will be the first serviced-suite boutique hotel in Tseung Kwan O,' said Belinda Kuan, deputy general manager of Signature Homes, the luxury-residential leasing arm of Sun Hung Kai Properties. At present, she said residential rents in the area ranged from HK$12 to HK$19 per square foot.
Vega Suites will be offered to tenants on leasing terms ranging from one month to 12 months.
SHKP says the interior fittings are of the same standard as its two other luxury serviced-apartment projects - Four Seasons Place Hong Kong, at IFC in Central, and Harbourview Place in Kowloon. Average rents at Four Seasons Place are HK$85 per square foot, while at Harbourview Place they are HK$75 per square foot.