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Tenants happy with conversion project

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Sino Land has converted some unfurnished flats at its Hong Kong Gold Coast project into serviced apartments to tap business growth in the sector.

The conversion programme proved to be successful, with the developer receiving higher rentals for the serviced units.

Victor Tin, assistant general manager of the leasing department at Sino Land, said the programme helped increase the value and competitiveness of the project.

Under the scheme, Sino Land renovated some unfurnished units and provided value-added services to explore the niche market of serviced apartments.

The first batch of 30 serviced apartments, converted from conventional flats, was released last June. They were two- and three-bedroom units, measuring between 700 and 900 square feet each.

Mr Tin said the units immediately attracted a strong response from customers, with the 20 two-bedroom units leased out in two weeks and the 10 three-bedroom units committed to within a month.

Conventional unfurnished apartments at Hong Kong Gold Coast were leased at $10 per square foot in the middle of last year. Average rental for the serviced flats after renovation was about 30 per cent higher, he said.

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