Serviced apartments in Asia have shown resilience and now significant growth, despite the last remnants of the economic downturn still affecting other property sectors. SARS may have taken some steam out of the sector, but serviced apartments are increasingly the preferred choice of accommodation for visitors.Property analysts are recognising the emergence of serviced apartments as the new growth property sector in Hong Kong and Singapore, but China leads the way.As in Australia, they are an alternative to petite size hotel rooms, luring short and extended stay visitors with their generous space and reasonable room rates.According to Colliers International, in the first quarter of 2003, thecentage of leased serviced apartments in Hong Kong had jumped to 89%, compared to 62% over the previous five years. With more than half a dozen projects due to start in 2004 and completed by 2007, the number of serviced apartments will be boosted up by 6,777 units.The number of serviced apartments in Singapore has been steady; there is currently a supply of 3,650 serviced units. Of that number, Ascott has an 18% share of the market.
Asia's serviced apartment boom
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