Refurbishing at Repulse Bay attracts new wave of tenants

The 68 serviced apartments at de Ricou in The Repulse Bay complex are being upgraded to enhance their value and appeal in a competitive market.

The upgrading began last year, ahead of foreseeable demand. A total of 35 units (more than half the number at de Ricou) have already been completed.

The Repulse Bay general manager Martin Sawyer said the comprehensive upgrade included new interior decor with new furniture, carpets and fittings. The result is a modern and open look, with enhanced grace and charm. The refurbished units have been well received, he said.

'The response has been very positive from both long- and short-term guests,' Mr Sawyer said. 'We aim to refurbish the whole block.'

As expected, the refurbishing has greatly enhanced the value of the apartments. Mr Sawyer said rentals of the apartments had risen 15 to 25 per cent above the rate prevailing before the renovation.

He said rentals ranged from $62,000 a month for the smaller-sized units on the lower floors to $82,000 for apartments on the upper floors. The occupancy rate has remained at a high level of 80 per cent.

Mr Sawyer said the remaining de Ricou apartments would be upgraded progressively, subject to existing tenancies and availability. He forecast a stable market performance with healthy growth.