THE INCREASING number of new serviced apartments is intensifying competition among industry players, but business prospects remain positive as demand stays strong. Jonathan Wilson, general manager, Harbour Plaza Hong Kong, said he was confident about business growth despite the more competitive environment. A number of new projects are on the horizon, mostly offering moderate-sized, less expensive suites. Mr Wilson said it was fair to say the environment was becoming more challenging for luxury properties. But he was optimistic about Harbour Plaza Hong Kong, which offered a certain grade of service and facilities that he believed appealed to customers. 'As an international city and hub for multinationals, Hong Kong will always attract residents who prefer the hassle-free nature of serviced-suite living - especially five-star living,' he said. 'We have been in this business for 10 years and we have evolved with resident expectations.' Harbour Plaza Hong Kong is a five-star hotel situated on the Hunghom waterfront, next to the Whampoa Garden housing estate. The property contains 101 serviced suites offering basic amenities, including broadband internet access, a fitness centre, a rooftop swimming pool and eight restaurants. The fully-furnished one-bedroom suites range from 860 square feet to 1,634 sqft. The units are geared towards residents who demand large spaces and a relaxed setting. Mr Wilson said the residents regarded the project as an 'oasis in the city' because of its proximity to the Hunghom waterfront and a promenade that reached all the way to the Tsim Sha Tsui waterfront. He said residents appreciated the fresh air of a waterfront setting, the private pier, the absence of heavy traffic and the on-site restaurants and recreation facilities. The rent includes management fees, government rates, a daily maid service, a complimentary extra bed, and power and water supplies. Monthly rentals ranged from $33,000 to $72,000. 'We are looking more towards offering competitive, longer-term leases for our larger suites,' Mr Wilson said. 'This does not necessarily mean lowering rates, but it may mean introducing new benefits and privileges to residents.' Tenants include local residents and expatriates from around the world, he said. 'As a high-end group of suites, we have enjoyed a healthy occupancy ever since we opened,' he said. 'As far as terms go, we are very flexible, and certainly willing to provide one-month leases with the option for renewal. But, of course, we gear our sales more towards annual leases. 'We are approaching our 10th anniversary, and we are pleased that a number of people have stayed with us throughout this entire period.'