bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Kenneth Ko

Bamboo Grove, a luxury residential development in Mid-Levels, is emerging fresh from a massive facelift which, its owner Hysan Development envisages, will enhance facilities and services and boost rental returns.

The prestigious commercial and residential landlord has spent about HK$360 million renovating the 16-year-old Bamboo Grove, the biggest residential property in its investment portfolio.

Senior manager of residential leasing Maidi Lam said the two-phase renovation programme began in the middle of last year.

The first phase for the five high-rise towers was almost completed while the second phase for the only low-rise block and the clubhouse was scheduled to finish by the end of the year.

Bamboo Grove, at 74-86 Kennedy Road, was built on the old home site of the Lee family, the controlling shareholder of Hysan.

The 697,940-square-foot project comprises 345 flats in six blocks. Standard units measure 786 to 2,600 sq ft while penthouse units range from 2,473 to 5,964 sq ft.

Ms Lam said Hysan considered Bamboo Grove a long-term investment and had been keeping it for rent since it was built and completed in 1985. The extensive refurbishment would enhance building facilities and management services.

External facade and apartment interiors were given a facelift, clubhouse and common facilities upgraded and personalised management services introduced.

Ms Lam said the company had conducted consultancy research and studies for the renovation to come up with improvements best suited to tenants' needs and requirements.

To cope with demand from large families it decided to convert the 2,600 sq ft units into four bedrooms from three bedrooms, she said.

While it improved design for some units, most apartments maintained layouts with spacious storage and wardrobe areas.

Separate laundry areas were kept because tenants, especially expatriates, liked to have them separated from kitchen where food was prepared, she said.

The first batch of 25 renovated apartments will be released for rent with Jones Lang LaSalle appointed as a joint marketing agent.

Ms Lam said the units would command a rent of about HK$30 per square foot a month, compared with the average of HK$24 to HK$25 per square foot before the renovation.

She said the figure was a 'market rent' and the units were leased with one parking space each. Most of the apartments in Bamboo Grove would be in the rental range of HK$40,000 to HK$80,000 per month, which was the most popular and actively traded segment on the leasing market, she said.

To attract tenants, Hysan offered an 'early bird' discount and those applying first would be charged a rent of HK$28 per square foot, she said.

Another incentive was home-moving allowance for those already residing in Hong Kong. For newcomers, incentives would be subject to negotiations, she said.

Tenants could also choose to lease units with furniture supplied by Hysan and a fully furnished unit would cost several thousand dollars more each month, depending on the lease period.

The standard lease period is for two years, with a break clause, with three months notice in advance, to be exercisable after the first year.

Ms Lam said Bamboo Grove had been sought after by tenants and was a popular residence of expatriates and many consuls-general in Hong Kong. The occupancy rate was usually more than 95 per cent.

There were many loyal tenants and even during the renovation, about 100 tenants still preferred to stay.

Ms Lam said sitting tenants could now choose to swap their units with renovated ones.

They might also vacate their units any time for renovation by Hysan. Tenants in the unrenovated units would be charged slightly lower rents.

Many tenants who had moved out because of the renovation said they would return to rent newly renovated units, she said. The longest staying tenants in Bamboo Grove had been there since it was built.

Ms Lam said one tenant, who had stayed there the past 16 years, had moved out during the renovation. But she was confident the tenant would come back.

The renovated units will be released in phases over the next few months.

Ms Lam expected Bamboo Grove to continue to be sought after by expatriates as well as local residents and predicted an encouraging leasing response.

New services accompanying the renovation included the hiring of nine extra staff to provide personalised service.

These staff were stationed at the lobby of each tower, 11 hours a day.

Electrical appliances and water filters have been added in kitchens. Other additions include maintenance, housekeeping and other support services.

The clubhouse is to be improved, with a renovated swimming pool, a bigger-sized gym, barbecue area, spa service and children's play area.



Hysan overhauls Bamboo Grove flats