Shared space a growing option for Hong Kong millennials priced out of the flats market
A co-living project in Kowloon offering stylish rooms and common areas is the latest shared space targeting graduates and young professionals whose hopes of ever buying a flat in the city have been dashed by soaring real estate prices
The 13-storey building at the corner of Boundary and Portland streets in Kowloon has been home to cheap hotels, but its latest incarnation reflects the global demand for co-living spaces. When Weave on Boundary opens this summer, its 160 rooms will be marketed to Hong Kong millennials seeking an affordable, stylish place to live.
“It’s about sharing, collaboration and living with like-minded people,” says Weave Co-Living CEO Sachin Doshi. “The moment they step into the property, we want them to feel at home.”
Weave’s goal is to create a living environment that extends beyond the bedroom into a series of common areas. As with the co-working spaces that have become popular with start-ups, freelancers and young entrepreneurs, the idea is to give residents an upscale lifestyle at relatively modest prices by sharing amenities such as a kitchen, screening room, lounge, gym and rooftop terrace.
In March, Alvin Leung, an analyst at property agent JLL, said hotel owners can improve their rental yields by up to 12.1 per cent by converting their properties into co-living spaces.
“Co-living is reducing the footprint of a residential unit to the bare bones by shifting things like the kitchen outside the home,” says Rodrigo Buelvas, professor of interior design at Savannah College of Art and Design (SCAD) in Hong Kong, who has studied co-living spaces.
It’s essentially like a hostel, only aimed at residents who stay for longer than a few nights. Weave will have three types of rooms (premium en suites have double beds), from 100 sq ft to 130 sq ft, with monthly rents starting at HK$6,900 (US$880), including internet and utilities.