These co-living concepts can help companies slash short-term staff housing costs by 50 per cent

By Lam Ka-sing kasing.lam@scmp.com / https://www.scmp.com/property/hong-kong-china/article/3006875/these-co-living-concepts-can-help-companies-slash-short?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | April 22, 2019 6:52 PM SGT
Financial institutions, consultancy firms, universities and start-ups are looking to co-living as a flexible, short-term accommodation solution that could cut costs by as much as 50 per cent, industry players said.
"Approximately 25 companies have shown interest in our co-living solution in the last six months," said Wang Tse, co-founder of Campfire, which offers 80 rooms in Sham Shui Po. "They are looking for short-term or flexible accommodation for interns and project staff from 18 to 28 years old."
He said corporate clients, ranging from financial institutions to start-ups, typically seek out housing for one to five employees, although one employer wanted housing for 10 staff.
Tse said individual rooms in the company's Sham Shui Po location rent from HK$9,000 (US$1,147) to 15,000 per month.
"We are seeing a trend of companies moving their short term accommodation requirements from serviced apartments and hotels to co-living solutions, though the key market for co-living accommodation is young professionals, entrepreneurs and the university student market," Tse said.
"Here in Hong Kong, we had enquiries from a mainland professional services company seeking en-bloc properties for rent to accommodate more than 100 employees last year," Ma said. "They are open to co-living choices that offer the whole bloc for lease."
Campfire's co-living space in Sham Shui Po features a single bed per room. Photo: Handout
"I would not be surprised to see mainland companies, such as banks, which usually house their mainland staff in serviced apartments, to start housing them in co-living options," Ma said. "Whether these companies will entertain co-living remains to be seen but I think the interest will grow if higher quality schemes come to market."
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