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OVOLO Serviced Apartment



The Challenge

  • Advise the developer on layout and features to create a unique but marketable product
  • Build market awareness
  • Build profitable occupancy
  • Maintain occupancy through SARS period
  • Maintain target rentals in a downward-moving rental environment

The Solution

  • Provided consultation to developer from conception
  • Conducted survey amongst sector occupants
  • Analysed survey results and advised developer
  • Provided information on comparable developments
  • Marketed as 'Manhattan-style' concept
  • Produced a high-quality colour brochure
  • Promoted the development through newspaper and magazine adverts, offered overnight stays to media, invited editorials, and linked to web-based sites
  • Continued benchmarking of rentals and occupancy

The Result

  • Achieved occupancy of 87% within six months of opening
  • Maintained average occupancy of 90-95% throughout
  • Achieved target rentals of more than HK$36 per sq ft (above sector average)
  • Maintained a highly marketable development

A Western Consulate

The Challenge

  • The client, a western Consulate, owned properties on Hong Kong Island as well as renting additional apartments from landlords on the open market
  • The consulate was considering selling some of their property assets and consolidating leases within a limited number of well-maintained developments
  • We were appointed to advise on the potential disposal and acquisition of the properties

The Solution

  • Provided the client with current market information on the asking and transacted sale prices of the owned properties, and units within comparable developments
  • Assisted in establishing whether the prevailing market offered optimum sale terms
  • Conducted a benchmarking review of lease terms and prevailing rentals of all of the properties held under lease
  • Advised where savings and improvements could be made
  • Negotiated with relevant landlords to restructure existing leases and leveraged the client's position to secure optimum terms for new leases.

The Result

  • The client sold two of the properties at the lower-priced end of their portfolio and decided to retain the remainder of their assets until economic and market conditions improved.
  • By restructuring the existing leases and negotiating optimum terms on new leases, we achieved annual savings for the client of over HK$1,000,000

 

 

 

 

 

 

 

 

 

 

 

 
 
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