Being in the heart of Central has emerged as one the strongest marketing weapons for new serviced apartment project Central 88.
The convenience to work, shopping and entertainment had yielded a positive leasing result as the Wincome Group of Companies announced that the occupancy rate in the development was already more than 70 per cent.
Gary Cheung Lai-wan, business development and operations manager with the group's subsidiary Wincome Management Consultants, said the project boasted an 'unbeatable and superior' location at 88 Des Voeux Road, Central.
Ms Cheung said luxury serviced apartments in prime locations such as Central 88 provided a sensible alternative to hotels.
'It is better value for money compared to hotels. Central 88 is filling a niche market where the tenants can enjoy luxury accommodation with quality services in the core Central area, yet at affordable prices,' she said.
Offering a selection of apartments from studio to two-bedroom units, the project has generated encouraging interest from tenants since it opened last December.
Ms Cheung said the latest monthly rental rate ranged from $22,000 to $52,000 for apartments measuring between 440 and 1,150 square feet.
Demand for good quality serviced apartments in prime locations was strong and there was scarce supply of comparable projects such as Central 88 in Central, Ms Cheung said.
Wincome Group had raised rents at Central 88 by 5 per cent since opening and Ms Cheung anticipated another possible increase of 5 to 10 per cent on leasing prices.
Considering the market sentiment and leasing interest, she expected all remaining units at Central 88 would be leased within the next quarter.
Wincome Group converted the former commercial building into 78 luxuriously furnished apartments - comprising studios of 440 to 510 sqft, one-bedroom units of 530 to 630 sqft, and two-bedroom flats of 1,010 to 1,430 sqft.
Ms Cheung said serviced apartments were in demand due to the increasing number of expatriates returning to Hong Kong after the Sars crisis.
The economic recovery also helped boost leasing and occupancies of the hotel and residential markets. One-bedroom apartments were the most popular and had been fully leased.
The group is planning to launch some two-bedroom apartments with en suites in its latest marketing campaign.
These have bright dining and living areas, well-equipped kitchens and built-in wine coolers.
Ms Cheung said Central 88 offered apartments that provided a sense of tranquillity amid the hustle and bustle of Central.
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