Expat interest fuels high occupancy at boutique units in Sheung Wan

A strong interest from expatriates has boosted the leasing of new boutique project 338 Apartment in Sheung Wan, and the operator is raising the rentals.

Property manager Fatima Khan said the response had been very positive for the 62-unit serviced apartment building, since its official opening in April. The occupancy rate is 95 per cent.

She said about 90 per cent of tenants were expatriates from such countries as the United States, Britain, Germany, Italy, Spain, Taiwan, Singapore and Malaysia.

Occupants were mainly singles and couples looking for convenient, quality serviced apartments with flexible tenancy terms, she said.

With the economic recovery, multinationals were showing a greater enthusiasm than before for expanding business, and the result was a greater inflow of expatriates, Ms Khan said.

She said many companies liked to find serviced apartments for their staff because of the flexible lease terms. 'They do not want to be tied in with long-term leases as the business world is so transient now,' she said.

During the initial marketing stage, tenants chose to rent the units on one-month leases to experience the 338 Apartment lifestyle. More than 70 per cent of that initial batch of tenants decided to extend their stay and committed to leases of three months, six months or up to one year.