New World Development takes Hong Kong lifestyle to another level, set to launch priciest serviced apartments

By Sandy Li sandy.li@scmp.com / https://www.scmp.com/property/hong-kong-china/article/3006615/new-world-development-takes-hong-kong-lifestyle-another?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | April 22, 2019 6:52 PM SGT
New World Development is set to displace Four Seasons Place as the operator of Hong Kong's most expensive serviced apartments.
Agents say NWD plans to offer leases at its K11 Artus serviced apartment development, part of the US$2.6 billion Victoria Dockside project in Tsim Sha Tsui, for a third more than what luxury hotel operator Four Seasons Place Hong Kong charges for its serviced suites in the IFC complex in Central.
The Hong Kong builder will offer leases for as much as HK$167 per square foot per month for its 287 units when they are ready in the third quarter of this year " 33 per cent more than Four Seasons' HK$126 per sq ft.
With unit sizes ranging from 510 sq ft for a studio to 1,921 sq ft for a three-bedroom apartment, tenants would be paying between HK$57,000 (US$7,265) and HK$320,000 per month.
Flats in K11 Artus offer open views of Victoria Harbour. Photo: Handout
The flats, featuring 70 different layouts, offer unrestricted views of Victoria Harbour, and come with luxury amenities among other touches.
The rates for older serviced apartments range from HK$50 to HK$65 per sq ft, said Colliers.
Hannah Jeong, head of valuation and advisory services at Colliers International Hong Kong, said prospects for the luxury serviced apartment category are bright as the occupancy rate hovers around 85 per cent.
Jason Leung, senior manager of residential at JLL, said that demand for serviced apartments is strong and the rents continue to go up gradually.
"Most of the demand comes from senior executives at MNCs [multinational corporations], but there is increasing demand from mainlanders in recent years," Leung said.
Letizia Garcia Casalino, head of residential services at Colliers International Hong Kong, said currently there are only about eight to nine high-end serviced...