Looking for affordable rents in Hong Kong? Try co-living space

Hong Kong’s sky high rents have created the opportunity for co-living property projects as a viable and affordable option for young people

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Synergy Biz founders Keith Wong and Addie Cheng have converted a few old tenement buildings into two co-living space projects that offer young people spaces at affordable rents. Photo: David Wong

Published: 5:00pm, 27 Jun 2017Updated: 8:25am, 13 Jul 2017

A group of professionals with property and architectural backgrounds is converting old tenement Hong Kong buildings into co-living projects to offer an affordable housing and networking option to young people.

Synergy Biz, co-founded by Keith Wong who gained extensive experience working in Hong Kong property firms, will launch its second co-living project in Mong Kok for lease in September. The project will be fully opened in the fourth quarter of this year. Wong co-founded the firm with architect Addie Cheng.

The HK$150 million project called Bibliotheque, meaning library in French, was converted from two 5-storey buildings, providing 166 bed spaces in 15 units , with a monthly rental starting from HK$4,000 (US$512). The monthly rental fee also covers regular cleaning and management services.

“We have received more than 200 inquiries even before the official launch in September,” said Wong. “About 30 per cent of the spaces have been reserved by a university which plans to use it as accommodation for their students.”

The Bibliotheque, which is under refurbishment will be launched in September this year. Photo: SCMP handout

The two five-storey Bibliotheque is the firm’s second co-living project, comprising 13,000 square feet of living and networking spaces,and fully-furnished with standard and convenient amenities. Each unit, with area ranging from 800 sq ft to 1,600 sq ft, accommodates six to 10 people.

“Each floor is designed to encapsulate a different theme, ranging from design and cooking, movies, fashion to sports, and is reflected in the library of books on display,” said Cheng.

About 60 per cent of unit size would be used for bed spaces, while 40 per cent were common area to be shared by tenants, she said.