With workforces becoming increasingly mobile and globalised, HR departments are finding themselves increasingly having to look at relocation options for staff. This encompasses a wide range of considerations, not the least of which is finding suitable accommodation for staff.
Now, Hong Kong is not short of serviced apartments, and luxurious apartments…But what it is short of is affordable accommodation options for trainee to mid-level overseas staff.
Fundamentals
One serviced apartment provider, City Loft, seems to have hit the nail right on the head with their range of serviced studios in Hong Kong. Established nearly a decade ago, the group now offers over 150 serviced apartments in 15 buildings at four key locations in the city: Sheung Wan, Central, Causeway Bay and Wanchai. A quick step inside one of the properties in Sheung Wan revealed the down-to-earth approach that the company has with its serviced studios. The feeling was much more akin to coming home to a typical Hong Kong apartment than it was a ‘hotel-type experience’ and that speaks volumes about the company’s ethos. Resources have been focused where residents need them most—inside their apartments where they will spend all their time, rather than on extravagant entrances that they might pass through for a few seconds each day.
Anita Lee from the leasing team at City Loft explained, “Around 80% of our residents are expatriates—mainly from the UK, Germany, USA and Singapore. What their companies are looking for is affordable accommodation that is clean, well-appointed and next to an MTR station.”
Surge in uptake
Lee has seen a 40-50% increase in the use of serviced apartments over the last two years, which she attributes to the comparatively astronomical costs of long-stay hotel options, and the greater flexibility, in terms of contract, that serviced apartments offer over long-term leases. The minimum stay in a City Loft apartment is one month, which offers great flexibility for HR when planning resources.
Apartments are modest in size and range from 150 – 350 square feet and come fully equipped with en-suite, internet connection, pantry facilities and access to laundry facilities for guests wishing to wash their own clothes. The apartments are cleaned and linen changed once a week by a team of in-house cleaners, while the maintenance team handles any repairs that might arise.
Lee added, “Residents really don’t need to worry about anything, as all bills, utilities, cleaning, repairs and maintenance are all included in the rental fee.” The one-month deposit, is also significantly lower than would be required if the company decided to sign a long-term lease with an independent landlord. And it’s a combination which seems to be working. The average length of stay for staff in the serviced apartments is from three to six months, although some residents have stayed for up to three years.
Paul Arkwright
Publisher
