China's accession to the World Trade Organisation (WTO) will benefit the serviced apartment market, especially for the projects along the Kowloon-Canton Railway (KCR) line, which links Hong Kong to China, according to analysts.
To date, Sun Hung Kai Properties' Royal Plaza in Mongkok and Royal Park in Sha Tin are the only two serviced apartment projects located at KCR stations.
The Royal Plaza serviced suites form part of the 1.6 million-sq ft Grand Century Plaza commercial complex in Mongkok, which has a 720,000 sq ft shopping mall. There are also two office towers of 480,000 sq ft and one hotel.
Located on the 10th to 13th floors and 15th to 19th floors of the Royal Plaza Hotel, the serviced room portion provides 203 suites, including studios and one-bedroom units, each equipped with furniture and a kitchenette.
The sizes of the studios are 357 sq ft, 389 sq ft and 395 sq ft with room rates ranging from $13,800 to $23,000 per month, or $39 to $58 per sq ft, inclusive of management fees and government rates.
The one-bedroom sizes are 714 sq ft, 754 sq ft, 777 sq ft and 790 sq ft with rents ranging from $29,000 to $35,000 per month, or $41 to $44 per sq ft. These charges include hotel tax, daily newspaper, local calls, fax machine and maid services.
Facilities include a business centre, conference room, self-serve laundry, car park and valet services.