New kid on the block

Sun Hung Kai Properties (SHKP) has released the first batch of 70 rooms for pre-leasing at The HarbourView Place in West Kowloon in a bid to capture its share of the booming luxury serviced apartment segment.

Sister to Four Seasons Place, the company's premier serviced block, The HarbourView Place occupies the 50th to 70th floors of the Cullinan II, one of the twin towers next to the International Commerce Centre (ICC).

SHKP was confident in the future growth of the local market for luxury serviced suites, said Mavis Kang, general manager of Signature Homes, SHKP's luxury residential leasing arm.

'The demand for high-end serviced suites has increased naturally because market conditions are quite favourable right now,' said Ms Kang.

'Over the past several years, globalisation and relocation of multinational corporations have consistently fuelled the rise in demand for accommodation of this quality and type.

'As Hong Kong is a major regional and global centre of commerce, it is only natural that these factors would lead to a particularly accelerated need for luxury serviced suites.

'The market trend will continue to move towards convenience, accessibility and high-quality accommodation of the same quality and type,' she said, noting that all those elements were provided in the 266 premium suites at The HarbourView Place.

But can the market bear more serviced apartments as extraordinarily expensive as Four Seasons Place? Belinda Kuan, assistant general manager at Signature Homes, said: 'With no new supply of quality serviced suites in prime locations, we expect that the demand for luxury serviced accommodation will continue to outstrip supply.'

According to Ms Kang, SHKP found there was a strong demand for luxury accommodation such as that offered by Four Seasons Place and The HarbourView Place.

So what does it cost for the privilege of padding about in your slippers minutes after leaving work at the neighbouring behemoth, ICC?

The average asking rent at the first 70 units at The HarbourView Place is HK$60 per sq ft or HK$29,000 to HK$92,000 per month with bookings already being made, Ms Kuan said.

She said Four Seasons Place rents provided a reference point with monthly rates ranging from HK$44,500 to HK$170,200, or HK$72 to HK$93 per sq ft.

'The interest that's been shown from our target market has been encouraging,' Ms Kang said. 'We have received many inquiries and requests for visiting the show suites at The HarbourView Place.'

The company expects to receive some overflow from customers unable to secure a unit at Four Seasons Place, which is fully occupied with a three- to six-month waiting period for sea-view rooms. More than half of the clients at Four Seasons Place stay for six months to a year.

While ICC office workers seem the obvious target for the firm's marketing efforts, Signature Homes also believes that some clients will come from further afield.

Ms Kang acknowledged that being located within the same complex would make The HarbourView Place particularly attractive to business executives and expatriates at the ICC, but she said although located in the IFC II complex, Four Seasons Place tenants were not limited to those working in the area.

'The HarbourView Place's location imposes no limitations,' she said. Geographically, it benefits from being close to Central, Causeway Bay and Tsim Sha Tsui - all of the city's biggest commercial centres, where those who could afford the units might work. The entire ICC development is well-connected to Hong Kong's transportation system.

Convenience is just one requirement for a successful luxury serviced suite. Addressing guests' needs is another priority. The HarbourView Place was specially designed for business executives and expatriates from multinational corporations, said the Signature Homes representatives and might also appeal to other visitors, particularly long-stay business travellers with interests in the Pearl River Delta region.

There's not only a great view in store for those who can afford it, but The HarbourView Place promises to have the best amenities and finishing touches, including highlights such as access to a rooftop heated pool, a health club and lounge.

The accommodation, which was 'more comprehensively appointed than a hotel room' was mainly designed for medium- to long-term stays, and featured kitchenettes and an array of luxury home-like spaces, Ms Kang said.

Clients would also have the choice of several luxurious and refined design options, 'all of which redefine the standard of premium luxury living'.

'I would characterise the design concept as one of contemporary elegance, infused with modern Asian touches, and with an emphasis on practicality,' said Ms Kuan.