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Kenneth Ko

THE REPULSE BAY has reaped improved rent returns after a major interior upgrading of the unfurnished apartments.

Martyn Sawyer,  general manager of the exclusive residential complex, said more than 40 unfurnished apartments had been fully refurbished and work on another 30 units was scheduled to finish at the end of this month.

He said the upgrade programme represented a big investment but also generated a significant increase in returns.

The rent achieved for the upgraded apartments was about 18 to 25 per cent higher than comparable units before the facelift.

Mr Sawyer said leasing response was encouraging as all but one of the upgraded apartments, was occupied. The last unit should be let soon.

'Demand for the new apartments is huge and the response of tenants is very positive. They say they want the new ones,' he said.

The complex comprises 141 unfurnished apartments each of about 1,500 to 6,000 sqft.

The facelift, the first major refurbishment for the building at 109 Repulse Bay Road since it opened in 1989, will enable the landlord to take advantage of the recovering economy.

The refurbishment of another 30-plus units is scheduled to begin in summer and end by November.

The upgraded apartments are equipped with new fixtures including flooring and wall finishes.

Mr Sawyer said bathrooms and kitchens were key elements in the revamp. The upgraded bathrooms were of a standard comparable to the Peninsula Hotel with separate bathtub and shower, and double basins.

The kitchens have new tiles, cabinets and electrical appliances including two ovens, washer and dryer, and fridge.

The maid's quarters had been upgraded with built-in furniture including bed, wardrobe and new bathroom, he said, adding that many tenants were concerned about  the comfort of their staff.

The landlord also fine-tuned the interiors of some units making them more practical to meet tenants' requirements, he said. The complex's clubhouse facilities have been completely upgraded with the gym refitted with better equipment, an exercise bike room and a boxing room. 'There is no special incentive for our marketing. Our quality is the incentive and new facilities are the attraction to tenants,' he said.

Excluding some units that the landlord holds intentionally vacant for refurbishment, Mr Sawyer said the building's occupancy rate was now about 90 per cent.

He said the luxury leasing market was positive because supply remained limited, particularly on the south side of Hong Kong Island.

Residential leasing demand would increase further, in line with the improving economy, particularly from financial houses, insurance companies and brokerages, he said. These corporations were major customers of The Repulse Bay apartments.

He expected to see more upside in the leasing market this year and next on increased demand.

The complex includes 68 de Ricou serviced apartments. Mr Sawyer said 50 of the serviced apartments had been refurbished and he intended to upgrade another 10 units this year and the remaining units next year. The serviced apartments are all duplexes and range from 2,020 to 2,243 sqft.



High-end tenants flocking to the refurbished Repulse Bay