The High Life - One sector of the hospitality market relatively unaffected by the downturn in the economy is the serviced apartment industry. These executive retreats are opening up in all of Asia's prime business centres.
At the forefront of this expansion is the Singapore-based Ascott Group, featuring the Ascott and Somerset brands. Looking out for the needs of those who have to live and work away from home seems to be profitable - the group now has more than 6,400 serviced residence units in 17 cities in 10 countries across Asia, Australasia and the UK.
Managing director and CEO of the Ascott Group, Kee Teck Koon, says despite the bleak economic outlook, occupancy rates are running at 90% in Singapore, 84% in Bangkok, 82% in Shanghai and 70% in Kuala Lumpur.
"We see good potential in the serviced residence industry," Kee says. "It is the fastest growing sector in the accommodation market. The serviced residence industry has proven more resilient than hotels to the slowdown in global travel since the September 11 incident. As companies cut costs, serviced residences with their flexible stay arrangements and competitive rates, offer value proposition."
The Ascott Group believes China in particular has great growth potential and hopes to expand its portfolio in the mainland. "The demand for serviced residences in China is strong. The business climate is positive with the country's recent entry to the World Trade Organisation, 2008 Olympics and government's economic policies."
Kee also plans to expand operations further in Singapore, Bangkok and Manila.
Fraser Serviced Residences, also based in Singapore, is another group with expansion plans. The company will open properties in Beijing and Shanghai this year and plans to enter the Manila and Bangkok market shortly.
Bangkok's serviced apartment occupancy rates are also high, supporting the optimism - with rates above 90% in many buildings, thanks to a large number of visiting businesspeople and professionals working on short-term assignments. However, with about 50 properties to choose from, finding a room in this city is not difficult. Monthly rents reach 140,000 baht (US$3,180) for a deluxe 167-square-metre, two-bedroom apartment, but there is a wide selection of studios at 40,000 baht or less.
As the Malaysian ringgit is pegged to the US dollar at US$1=M$3.8 Kuala Lumpur's executive retreats rates are reasonable compared with other prime locations in Asia. Note that in 2002 many hotels and serviced apartments will begin to add a 10% service charge and 5% government tax to the quoted tariff rate.
Most serviced apartment residences feature a business centre, internet connection, swimming pools and fitness centres and rates generally include daily maid and electricity. However, in Bangkok be sure to check on internet access as most residences require you to dial up through the switchboard or PBX, but will arrange a direct line on request. Road warriors who are relocating with family or pets also don't need to worry as many properties have family and even pet-friendly facilities and amenities. The Great World Serviced Apartments in Singapore and the Micasa Hotel Apartments in KL will roll out the red carpet for guest's pets!
For further savings it is recommended to check out the properties websites - the Ascott, for example, gives generous discounts to those who book via the internet. Lower tariff rates for long-term stays can also sometimes be negotiated. Most of the following rates are based on one-bedroom units on a nightly or monthly basis.
Treetops Executive Residence is located in the heart of Singapore's renowned Orchard Road - the premier shopping and entertaining belt. Most of the 220 apartments in the four-storey development encircle Treetops' recreational amenities, including a playground and barbecue area.
Rates: S$300/daily (US$163); S$7,000/monthly minimum one-week lease.
Tel: (65) 887-0088; email: sales@treetops.com.sg; www.treetops.com.sg
Great World Serviced Apartments, a sister company of the Shangri-La Hotels and Resorts Group, claims it is Singapore's largest serviced apartment establishment, with a total of 304 fully-furnished apartments. This complex welcomes pets.
Rates: S$280 to S$540 (minimum one-week stay); or monthly rates of S$6,000 to S$12,500.
Tel: (65) 722-7000; www.greatworld.com.sg
Fraser Serviced Residences has two properties in Singapore - Fraser Suites and Fraser Place. Fraser Suites offers 251 apartments and targets executives, while Fraser Place offers 163 units and targets expatriates and their families. A highlight of the Suite complex is the John Fraser Library, featuring an extensive stock of books and magazines and an adjoining meeting room, which can be rented for presentations and small meetings.
Rates: Fraser Suites S$240/day; S$5,900/month; Fraser Place S$260/day to S$6,200/month.
Tel: Fraser Suites: (65) 270-0800; Fraser Place: (65) 736-4800; email: sales@fraserhospitality.com; or visit: www.fraserhospitality.com
The Concourse Executive Suites prides itself on its exclusivity, featuring only 87 apartments. Located on the fringe of the CBD, restaurants and entertainment options are close by. Facilities include a business centre, gym and squash court.
Rates: S$270/day; S$5,600/month up to S$520/day; S$9,700/month (minimum one-week lease).
Tel: (65) 299-1818; fax: (65) 298-0733; email: apts@concourse.com.sg; www.concourse.com.sg
The Ascott Group operates 650 units in Singapore and there are plans for another 91 units to be added to the portfolio in 2003 when the complex at Bencoolen Street is completed. Close to the subway station, shopping malls, restaurants, trendy pubs and the central business district, the Ascott Singapore offers 153 apartments ranging in size from studio to penthouse. Nestled in a prime residential area off Orchard Road, Somerset Grand Cairnhill is conveniently close to dining and shopping facilities. Its 144 one-bedroom to three-bedroom units are furnished with modern amenities. A short stroll from Orchard Road, Somerset Compass features 72 one to three-bedroom units. All apartments have high-speed internet access and facilities include an outdoor swimming pool and Jacuzzi, barbecue area, gym and children's playground. Located next to Singapore's restored riverfront, Somerset Liang Court also is close to Clark Quay, a popular dining and entertainment hub. It is also linked to a shopping complex, and offers facilities such as an indoor Jacuzzi, sauna and gym. Situated in the heart of Orchard Road, Somerset Orchard is surrounded by shops, restaurants and entertainment outlets. Executives can chose from a studio to three-bedroom units.
Rates: For Ascott and Somerset apartments in Singapore start at S$210/day; S$4,700/month.
Details: www.the-ascott.com
- James Lee
The Ascott Group has more than 1,400 serviced residence units in Beijing, Shanghai and Tianjin. Centrally located in Beijing's business, residential and shopping district, the 272-unit Ascott Beijing is close to the China World Trade Centre. It offers units ranging from one-bedroom unit to penthouse and has an indoor glass-roofed swimming pool.
Rates: Start at US$4,300/month for one bedroom but can be booked online for US$3,400. Daily rates start at US$150 (when booking online).
Tel: (86-10) 6567-8100; fax: (86-10) 6567-8122
Located within the prime Yen Sha business district, Beijing's third embassy belt, Somerset Fortune Garden is near international schools and entertainment facilities. The 211 units range from one to four-bedrooms, with many featuring private balconies and city views.
Rates: Generally at US$148/day; US$2,700/month, but until March 31, 2002 the daily rate is US$118.
Tel: (86-10) 8451-8888; fax: (86-10) 8451-8866
Located in the centre of Beijing, the Asia-Pacific Building serviced apartments offer newly renovated rooms with broadband access. With restaurants and transport links nearby, the 120-unit complex also offers free weekly shopping trips and access to the gym.
Rates: Prices range between US$1,600 and US$3,900.
Tel: (86-10) 6513-9988; fax: (8610) 6512-1524; email: yatai-service@asia-pacificbd.com.cn; or website: www.asia-pacificbd.com.cn
With 20,000 serviced flats worldwide Oakwood (www.oakwood.com) has recently opened properties in Tokyo, Seoul, Manila, Bangkok, and Guangzhou. In 2003, Oakwood also plans to open a complex on the northeastern side of Beijing in the Chaoyang District. The Beijing property, to be named Oakwood Residence Greenland Heights, will feature 128 apartments.
Under Ascott Group management in Shanghai are the Ascott Pudong, Somerset Grand and Somerset Xu Hui. The Ascott Pudung offers 248 furnished units from one to four bedrooms featuring views of the Huangpu River. The Somerset Grand Shanghai is in Shanghai's main business, shopping and dining belt Jinan Lu, while the Somerset Xu Hui residential estate is also near shops and entertainment.
Rates: Ascott and Somerset properties start at US$80/day; US$1,300/month.
Details: www.the-ascott.com
The Royal Pavilion Shanghai serviced apartments management says it attracts many relocating business executives and their families. The units feature high ceilings, a living room, three to four bedrooms with facilities catering to kids, including tennis court, outdoor swimming pool, basketball, playground and playroom. There's also a gym, squash courts, mini-golf and sauna.
Rates: From US$4,000 to US$12,000 for three to five bedroom (duplex).
Tel: (86-21) 6249-9878; fax: (86-21) 6240-6644; email: leasing@royalpavilion-sh.com
The Windsor Renaissance has four properties in Shanghai - Windsor Park villas, Windsor Court, Mandarin Garden villas and Versailles de Shanghai - in the city's Hong Qiao area and Changning city centre. Windsor Renaissance operates more than 500 serviced apartments, townhouses and villas and also offers secretarial services.
Rates: Windsor Renaissance rates from US$1,500/month to US$6,900/month.
Tel: (86-21) 6261-8118; fax: (86-21) 6262-88128.
The Seasons Parkview is part of Seasons Villa housing complex consisting of 153 houses, 74 townhouses and 88 apartments, which is located in the heart of Pudong Shanghai and minutes from the financial district of Lujiazui. Managed by the Harbour Plaza Hotels and Resorts, the Seasons Parkview's tenants include Siemens, Coca-Cola, Intel, IBM and Kodak.
Rates: US$2,500/month.
Tel: (86-21) 5833-2121; or visit the website: www.seasonsvillas.com.cn
The Harbour Plaza Hotels and Resorts manages three serviced apartment complexes in Hong Kong, at Hung Hom, North Point and Tin Shui Wai in the New Territories. Residents at the Hung Hum property get to enjoy the Harbour Plaza Hotel Hong Kong's amazing pool, which allows swimmers a unique view of the harbour through its clear wall. All suites include direct PC/fax/internet link and IDD system. This complex is also ideal for the networking executive as guests are regularly invited to the hotel's cocktail parties. The Harbour Plaza North Point's popularity is reflected in its 80-90% occupancy rate, that, and the fact that you don't have to sleep alone - guests can request a gold fish be placed in their room. At the Harbour Plaza Resort City it's back to nature as the complex is set in a huge park complete with lagoon.
Rates: Harbour Plaza Hong Kong at HK$40,000/ month (US$5,130) to HK$70,000/month, with a security deposit equivalent to three months serviced suites rental; Harbour Plaza North Point HK$11,800/month; Harbour Plaza Resort City HK$6,000/month.
Tel: (852) 2123-8888; fax: 2123-8811;
email: leasing@harbour-plaza.com;
www.smart-livingplus.com
Only 15 minutes by car from Central is the Repulse Bay serviced apartment complex. Built on the beachfront on the site of the famous Repulse Bay Hotel, the 68 furnished duplex apartments have sea views. With a shuttle service to the city, the Repulse Bay provides a supermarket, medical, dental and health centre, banking, kindergarten, and five dining outlets.
Rates: HK$68,000/month (minimum one month).
Tel: (852) 2803-1008; fax: (852) 2812-7405; email: marketing.trb@peninsula.com; or visit the website: www.therepulsebay.com
Wendy Wong of Fortis Investment Management Asia says her company uses Pacific Place Apartments - the Atrium and the Parkside - because "it is a benefit to be dealing with one company [Swire Properties] through the entire process of rental quotations, viewings, tenancy agreements, and payment. From the end-user's position, the relocation process is hassle-free; they can literally move in with just a toothbrush." Located in the shopping Mecca of Admiralty, the complex sits above one of the city's premier shopping centres, numerous restaurants and is within walking distance of the banking district.
Rates: HK$42,800/month.
Tel: (852) 2844-8361; fax: (852) 2525-2169; email: ppresidential@swireproperties.com; or visit: www.pacificplace.com.hk
The Hong Kong Parkview's 200 serviced apartments are located within a country park. Facility highlights include an on-site International pre-school; Roman bath and a clubhouse that offers both Western and Chinese restaurants and bars. It also has function and banquet rooms to cater for two to 580.
Rates: HK$38,000 for two to four bedroom unit.
Tel: (852) 2812-3456; fax: (852) 2812-3688; or email: pvsales@hongkongparkview.com; or visit the website: www.hkparkview.com
With more than 30,000 apartments worldwide, ServicedStays.com has more than 250 apartments in Hong Kong - under the Easton House brand - in convenient locations and 68 apartments at the Repulse Bay de Ricou.
Rates: Easton House apartments HK$18,480 to HK$32,410/month; Repulse Bay de Ricou from HK$2,500/night (minimum three nights).
Details: enquiry@servicedstays.com; website: www.servicedstays.com
- Claudine Kolle
Apartments near the new Bangkok Mass Transit System (BTS) skytrain not surprisingly have high occupancy. In an embassy district a few hundred meters from the Ploenchit Station, the 15-storey Chateau de Bangkok has units with Jacuzzi baths, safety boxes and walk-in closets. The complex 24-hour room service, a business centre and a conference room that seats 80 people.
Rates: 39,000 baht/month (US$890).
Tel: (66-2) 651-4400; fax: (66-2) 651-4500; website: www.chateaudebangkok.com
In the Silom and Sathorn business district, the Saladaeng Colonnade is a new, but antique-style low-rise building close to the BTS Saladaeng Station. The complex serves free continental breakfasts, including freshly ground coffee, and downstairs is an Italian restaurant. Graeme Laird, president of Andrew Park property agents, which manages the Saladaeng Colonnade, says "a visitor can stay three weeks at a serviced apartment for the same price as three days in a prime Bangkok hotel, and also save time and money by fixing meals at home".
Rates: Start at 40,000 baht/month.
Tel: (66-2) 636-0131-2; fax: (66-2) 636-0130S; website: www.andrewpark.com
The 27-storey Riverfront Residence overlooks the Chao Phraya, providing all 175 rooms with water views. Features include tennis and squash courts and six daily shuttle buses to the BTS station at Chong Nongsi near Sathorn. Located on Rama III Road, in a zone free from traffic jams, this is a good choice for those with a car.
Rates: 36,000 baht/month.
Tel: (66-2) 682-7888; fax: (66-2) 682-7889; website: www.riverfrontbangkok.com
The Pantip Court, off Sathorn Soi 1, is a luxury building with a good business centre, which includes furnished offices for residents and two function rooms, ideal for small meetings or private parties. Another attractive service for the weary executive are the massages, available at the fitness centre.
Rates: 90,000 baht/month. Check the website for promotion deals.
Tel: (66-2) 285-1069; fax: (66-2) 285-0878; email: info@pantip-court.com; www.pantip-court.com
For a budget alternative in the Bangna industrial area in Samut Prakarn, the new PT House Service Apartments features 48 fully furnished units, which range in size from one bedroom through to three-bedroom duplex apartments.
Rates: 16,000 baht/month and includes breakfast.
Tel: (66-2) 748-3650-8; fax: (66-2) 748-3659
The Ascott Group has two Somerset properties in Bangkok and plans to add to its portfolio later this year. Situated in Bangkok's business district, Somerset Lake Point is close to embassies, major shopping centres and an international school. The 356 units range from studio to two-bedroom apartments. Facilities include a swimming pool, squash courts and a business centre. The Somerset Thonglor is targeting executives and their families and is located in a residential area off Sukhumvit Road, with four-bedroom units available. This residence is also near shopping malls, supermarkets, restaurants and pubs.
Rates: Somerset Lake Point Baht2,125/day; baht 47,800/month; Somerset Thonglor 2,500 baht/day; 49,500 baht/month.
Details: www.the-ascott.com
Oakwood City Residence claims to be the largest serviced apartment resort in the Thai capital, with 560 units. The property also offers residents a health club, Japanese, Thai and Continental restaurants; and a business centre. It is located on the new Narathiwas 24, close to the Sathorn and Silom business districts, the Third Stage Expressway, and the BTS Chong Nonsi Station.
Rates: 39,000 baht/month. Rates are guaranteed in Thai baht. Extended stay discounts are available.
Tel: (66-2) 672-0200; oakwood@loxinfo.co.th; www.oakwood.com
- Brian Mertens
The Mandarin Oriental's location next to the 88-storey Petronas Twin Towers, makes it an ideal location for executives. The hotel's 51 serviced apartments have their own kitchen, but guests can also make use of the hotel's 24-hour room service and access to its restaurants and other facilities. Mandarin Oriental general manager Christian Hassing says, "The concept of serviced apartments is relatively new [in KL, but] the mushrooming of such services in the city is an indication of its expected success."
Rates: M$1,000 (US$256) to M$2,200/night.
Tel: (60-3) 380-8888; fax: (60-3) 380-8833; www.mandarinoriental.com
The Micasa Hotel Apartments has 14 years of experience in offering guests the convenience of apartment living combined with the services and facilities of a hotel. It has 242 suites, with one or two bedrooms, featuring fully equipped kitchens, as well as the usual business amenities. Pets are welcome.
Rates: On application.
Tel: (60-3) 2161-8833; fax: (60-3) 2161-1186; or email: micasa@po.jaring.my; or visit the website: www.micasahotel.com
The Ascott Kuala Lumpur enjoys a strategic location in the city centre. The serviced residences range from one to three bedrooms. Added bonuses at this complex include complimentary breakfast, local newspapers, free parking, late checkout and meeting rooms, computer workstations, bilingual support staff and professional referrals to lawyers, accountants and business consultants.
Rates: M$350/day; M$10,500/month.
Tel: (60-3) 2142-6868; fax: (60-3) 2142-9888
- Leonie Karkoviata