Shama Group, a relatively new boutique serviced apartment operator in Hong Kong, plans to invest up to $200 million to expand into Macau. The private company, seeing boom times ahead for the neighbouring SAR, is in talks to build a block of 100 serviced apartments by 2007 and expects to seal the deal this year. 'We see Macau as a very natural step for Shama. It's a market that we have a good understanding of the needs and most crucially, the timing,' said Shama Group chief executive and co-founder Elaine Young. Shama, which started business in Hong Kong a decade ago, now operates about 200 serviced apartments in four locations. It will open another project in Mid-Levels, offering 48 units, next month. The group also plans to open a serviced apartment project in the southern mainland city of Zuhai - its first move into China. 'Occupancy at Shama hasn't dropped below 96 per cent in the past 18 months, even with price increases, so we have not reached the ceiling regarding demand or pricing,' Ms Young said. Shama now charges tenants about $45 per sqft, or $18,000 to $65,000 per month depending on unit size. The price includes complimentary membership to California Fitness and Kee Club. Corporate clients account for 80 per cent of leases. Tenants are executives in the financial and legal sectors aged between 25 and 45 with high disposable incomes. 'Our tenants are high achievers earning good money so understandably they want to live in a quality apartment,' she said.