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R1 SCMP Competition heats up in boutique apartment sector Jan 24 2007

R1 SCMP Competition heats up in boutique apartment sector Jan 24 2007

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Competition heats up in boutique apartment sector Developers increase spending on marketing and refurbishing as rents rise amid growing demand from young professionals SCMP Wednesday, January 24, 2007 PEGGY SITO -------------------------------------------------------------------------------- Strong competition from newly built luxury and boutique serviced apartments has prompted industry players to increase spending on marketing and refurbishing their properties in a bid to maintain their status. Wharf (Holdings) plans to spend HK$20 million to renovate Gateway Apartments in Tsim Sha Tsui - which includes HK$1 million for furnishing the penthouse. Property consultants said Gateway Apartments was categorised as a top-end serviced apartments project, in terms of quality, but it has been compared with newly completed Four Seasons Place, which has had a lot of publicity over the past year. "The market is competitive and the Gateway is holding a marketing campaign to raise its profile," said Jones Lang LaSalle residential national director Anne-Marie Sage.
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