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Peggy Sito

Sandy Li

Henderson Land Group is offering its serviced-apartment project in North Point at discount rentals to compete for tenants.

 The group will release 218 serviced apartments, measuring between 350 square feet and 650 sq ft, at Newton Inn at a monthly rate of $4,888 to $13,680.

 The rate is inclusive of rates, management fees, water and electricity charges.

 Agents said the rental was about 20 per cent to 30 per cent lower than rentals achieved in the area's secondary market.

  The group's launch came after Harbour Plaza Hotel Management, a vehicle group of Cheung Kong (Holdings) and Hutchison Whampoa, earlier marketed its 1,102-room hotel Harbour Plaza Resort City in Tin Shui Wai at discount rental packages.

 Newton Inn general manager Pasa So Hon-wah said the serviced apartments were launched at an attractive rate mainly to draw market attention and generate interest from long-term tenants. He expected the group would generate a monthly rental of up to $2 million.

 Vivian Chow Wan-kam, group marketing director of Miramar Hotel & Investment, which is 34.78 per cent owned by Henderson Investment, said the rising number of serviced apartments for lease would not affect its project, as every development had its uniqueness.

 Newton Inn, which also includes 100 hotel rooms, is due to open at the end of this month.

 Harbour Plaza Hotel Management deputy general manager Stephen Chu said monthly rental rates for Harbour Plaza Resort City's rooms, which measured from 405 sq ft to 744 sq ft, ranged from $6,500 to $10,000, inclusive of all services such as cleaning, water, electricity supplies and telephone bills.

  He said this was a new concept for customers who demanded personalised hotel-style services and facilities and initial response was encouraging, with about 180 units leased in the past two weeks.

 Mr Chu said that as the hotel industry slowed since 1997, developers and hoteliers had come up with new strategies to draw customers.



Henderson eyes long-term tenants for Newton Inn