Flexible terms make Gold Coast a glittering attraction
With tenants looking for more flexibility in lease terms because of the tough economic climate, Sino Group has witnessed a growing interest for its Hong Kong Gold Coast serviced apartments.
Victor Tin Sio-un, assistant general manager of the group's leasing department, said the Hong Kong Gold Coast's serviced flats continued to attract both expatriates and local families despite the supply of new serviced apartment projects on the market.
'We offer a variety of choices and good value for money. Our spacious apartments are priced competitively, well-equipped with kitchen facilities, and supported by good transport and infrastructure,' he said.
'Not only single tenants come to us. More families are interested in moving into our serviced apartments because of our highly flexible terms.'
Mr Tin said an increasing number of tenants now chose to rent for a shorter lease period - an average of three to six months - compared with the popular lease of six to 12 months in the past. This was an obvious trend for both individual and corporate tenants.
'In particular, corporations are in favour of shorter leases that give them more flexibility in the deployment of employees to cope with market changes and business requirements,' he said. 'We have seen, in some cases, expatriates working on the mainland moving their families back to Hong Kong simply for the need of delivering a baby. They stayed at our serviced apartments.'
Demand for quality accommodation from construction-related companies appeared to be increasing, with more infrastructure projects being undertaken in Hong Kong, Mr Tin said.
The arrival of more mainland students and overseas professors, and active staff and student recruitment by universities, has also boosted leasing interest in serviced apartments.
Located in Tuen Mun, the Hong Kong Gold Coast has 1,102 residential units for lease. Standard apartments are about 700 to 1,300 sqft. A total of 120 units are being leased as serviced apartments.
The serviced apartments, mainly two- or three-bedroom units, are leased for an average rental of HK$13,200 to HK$23,800 a month. The rental package is all inclusive, with breakfast, general cleaning and linen-changing service, broadband internet connection, local phone line and NOW TV channels.
Mr Tin said the serviced apartments enjoyed marina and sea views, with a 95 per cent occupancy rate at present.
He expects the leasing business to get even busier in the summer, with occupancy to rise to 98 per cent.
While the global recession has hurt the financial industry significantly, he said some companies and business sectors continued to expand their operations on the mainland and in the region, and they were keen to find quality accommodation at competitive prices.
'We see continuous leasing interest from different companies even though the economic environment does not look as good as in the past. Hong Kong is a good place to do business and some companies are moving their staff from other places to Hong Kong for their business development,' he said.
The resort lifestyle at the Hong Kong Gold Coast is another attraction to residents.
There is a 500,000 sqft open green area within the development where residents can breathe fresh air and enjoy sea breezes, and there is also a beach.
There is also an ecological farm for residents, and the landlord organises regular open markets and other activities to create a community environment.
Last year, the group invested HK$30 million to improve the residents' clubhouse facilities at the Hong Kong Gold Coast.
The project also features the Gold Coast Yacht and Country Club, the Gold Coast Piazza and the 450-room Hong Kong Gold Coast Hotel.
