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Serviced Apartments: Seizing a Niche Market

Located close to the Ciyunsi Qiao on the East Fourth Ring Road, Fraser Residence CBD East-Beijing does not catch your eyes right away with prominent logos or grand arches at its front gate. It rests quietly with other three buildings of the Ocean International Centre, the developer of Fraser Residence that is owned by the Carlyle Group.

As a newcomer that has been open to guests for just five months, Fraser Residence now has an occupancy rate of above 40 percent: hardly the norm for serviced apartments in Beijing. However, General Manager Thomas Wong is very confident about achieving an 80 percent occupancy by the end of 2008, and he expects a more than 90 percent rate during the upcoming Olympic Games, despite rents of five to eight times that of normal rents that will be charged during this historic event.

The idea of serviced apartments first appeared in the United States. The first serviced apartments in Beijing emerged in the late 1980s, accompanying the rising need for extended-stays by foreigners who reside in Beijing, especially personnel from multinational companies.

Serviced apartments, as their name suggests, are apartments that contain all the amenities of a well-furnished apartment: even kitchenware. But they often also come with services similar to that of hotels, such as house-keeping, laundry and other services.

“Serviced apartments shrewdly notice the needs of customers in this niche market,” said Bernie Wang, manager and researcher with Jones Lang LaSalle, Beijing. “For middle and top managers, who have to stay for months, hotels may be not so economical; but an ordinary apartment in a foreign land may not be at all convenient.”

For foreign employees with a family, serviced apartments with several bedrooms are more suitable than hotels.

Before the 1990s, serviced apartments in Beijing were very rare; less than 500 suits existed for many years. In the 1990s, however, their number grew to 1,200 to 1,500: stable but nothing dramatic. The golden age of serviced apartments began in the 2000s, with the total store increasing from approximately 1,800 suites in 2000 to nearly 10,000 in 2007.

Yet, occupancy rates have been remarkably stable. According to statistics from Jones Lang LaSalle, the vacancy rate for serviced apartments in Beijing has ranged from 15 percent to 30 percent since 2000.

Serviced apartments managed by international renowned brands and located in prime locations in Beijing now number 5,000 and are increasing. In 2007, many world leading property management groups came to the market, including some international brands such as Oakwood from the United States and Fraser Hospitality from Singapore.

The early comers have enjoyed a satisfactory payback. Statistics reveal that the average occupancy rate of serviced apartments in 2007 is about 80 percent to 90 percent, except for new operations. Rents are also reportedly holding strong at about US$19–$40 per sq.m a month, on average, in the first three quarters of 2007.

With rents about 1.5 times higher than with ordinary high-end apartments, but lower costs for daily operations and human resources than hotels, serviced apartments have a higher profit margin. For serviced apartments, the average term for investment recovery is about ten years. So when considering its prospects in the Chinese market, Fraser Hospitality is reserved but optimistic.

“It is possible to recover an investment in seven to eight years if the economy in the city you are in can maintain its momentum,” said James Wu, executive assistant manager of Fraser Residence. “However, we have to take into consideration the effects of the global economy, especially the recent economic slow-down in the United States, which is a major importer of Chinese products. The possible US recession and even that of the global economy may affect the expansion of international companies in China. Therefore, we shouldn’t be too optimistic.”

Most serviced apartment providers are experienced global hotel management groups, who normally sign management contracts with property owners. However, some properties are wholly bought, decorated and managed. The average cost of decorating and furnishing a suite in serviced apartments is around US$25,000, Wong said. And the break-even point for Frasers Hospitality is around 70 percent of occupancy annually.

“In the Beijing market, January and February is the off season for serviced apartments; occupancy will linger at 60 percent to 70 percent,” said Wu. “The market will heat up beginning in March, with occupancy mostly higher than 80 percent.”

Still, many global brands are willing to bet in favour of the optimistic prospects for China based on the robust trend in the overall economy. Fraser Hospitality is planning to open two more high-end serviced apartments in Beijing and a total of 12 before 2010 nationwide; its second-tier brand named “Modena” is also preparing to enter the Chinese market. With two properties opening in 2007, Oakwood is wasting no time getting ready for the opening of its top-end property—Oakwood Premier—in 2009.

Numerous new suites were added to the market in 2007 and early 2008, because investors are confident of the long-term returns available in the China market, but also because they want to grab this great chance by getting ready before the Olympics.

Many serviced apartments have raised their rates for Games time. A three-bedroom suite rated at around 50,000 yuan per month may charge 200,000 yuan during the Olympic period, according to Wu.

Wu’s confidence about the Olympic opportunity is echoed by Wang. “Many of the market leaders have made similar levels of rate adjustments for the Olympic period based on abundant market research and experience. The occupancy rate during the Games should be very satisfactory, and the rates should not decline to more than they are now.”

In addition, Beijing’s internationalization has hardly reached its zenith. The current foreign companies in Beijing are just a very small portion of those who have expressed intentions to set up businesses in the city, said Wang. Therefore, the market of serviced apartments still has a great potential. “Imagine the situation in Beijing when it becomes an international city like Hong Kong.”

However, challenges remain. The most prominent, according to Wu, is the rapid upgrading of ordinary apartments and improvements in the overall environment in Beijing. This could cost some serviced apartments their competitive edge.

“We are special, because we have an ideal location; we are safe, clean and we can provide a English environment for the convenience of our residents. The surrounding environment was carefully considered,” said Wu, “but with the upgrading of facilities and improvement in the whole city, and the enhancement in the citizens’ quality, many foreigners can have a comfortable life even in ordinary residential communities.”

But Wu also pointed out that there is one thing that ordinary apartments cannot do: it’s the “service” provided by experienced professional staff. And that’s why serviced apartments still have a good market in developed countries. “High-quality service is the core competitive edge for serviced apartments, and we will never stop in the effort of providing better services for our clients,” said Wu.

One bottleneck to rapid expansion of the business remains, however. Wang said serviced apartments require their staff to have certain educational backgrounds: an ability to converse and communicate in English, a great sense and willingness to give service, and abundant experience, instead of a college degree. However, trainers in China have not paid enough attention to hospitality training, because most parents want their children to enter a university. These kinds of young people normally do not pursue careers in house-keeping, resulting in a shortage of skilled labourers in this market segment, said Wang.

酒店式公寓争赶奥运“末班车”

编写/薛京晶

据北京市旅游局提供的相关数字资料显示，北京2008年奥运会期间，北京的星级酒店将达到800家。而目前北京住宿接待单位的数量距离奥运期间的接待需求仍存在142家的缺口。到2008年，将有1000家非星级酒店获得奥运接待资格，提供50000多个房间、10万多张床位。

奥运需求强劲  升级改造火爆

酒店式公寓为2008年京城100个新楼盘的又一热点类型，北三环马甸桥的金澳国际、亚奥区域的亚奥观典、朝青板块的公园1872，丽都板块的丽都东镇酒店私邸……2008年酒店式公寓新盘进一步拓展。实际上，借力奥运，2007年酒店式公寓已经开始集中放量，据21世纪不动产监测数据显示，2007年新开盘的酒店式公寓项目达到21个，其中超过40%的项目都将会在2008年上半年即奥运会开幕前入住，供应量超过4000套。从2007年酒店式公寓从地域分布来看，CBD商圈供应比较集中，占总供应量的36.1%，其次是三元桥地区。金融街、中关村、燕莎三个区域供应量基本相同。

从2008年酒店式公寓新盘来看，区域分布比较分化，海淀区的金澳国际为纯酒店式公寓，大成时代中心也有部分酒店式公寓供应。亚奥观典二期为一栋酒店式公寓，目前已经开盘，均价20000元/平方米，户型面积为50—100平方米。另外，朝青板块的公园1872、丰台区的威尔夏国际公寓、优筑国际中心，昌平区的伯朗峰酒店式公寓均有供应。

奥运经济助推酒店式公寓蓬勃发展

奥运经济对持续对北京地产影响了几年后，对北京酒店式公寓来说，2008年将成为最显著的一年，成为价格显著上涨的重要助推器。酒店式公寓居家的感觉，使其比普通酒店更具有诱惑力，事实上酒店式公寓的预定情况已经证实了这一点。

业内人士分析，2008年奥运期间租金收入的政府指导价是1300—1800元/天，如果平均以1500元/天计算，一个月的收益就是4.5万元，很多投资者转而投资酒店式公寓。很多业主或者准业主也表示，与投资高档住宅相比，酒店式公寓的租金诱惑更大，酒店式公寓作为一种突出的高回报投资性高档物业产品，已经吸引了越来越多的投资者。业内人士也认为，随着地产开发逐渐成熟和竞争加剧，酒店式公寓的市场优势使其得到的高回报率和市场认可度也越来越明显。

地段标准——永恒的价格指标

新金山总经理于福生认为，新金山项目作为高档的商业地产，其酒店式公寓引起的市场火爆，也是在意料之中的，除了奥运经济的影响以外，地段也是项目保值升值的永恒的保障。新金山所处的地段得天独厚，丰富的城市资源赋予了项目巨大的升值潜力。

有数据显示，2008北京3月份新开盘项目50%都集中于五环路外的区域，三环以内的仅剩寥寥几个。与此相对应，新金山的地段可谓是钻石地段。新金山大厦位于朝阳门外大街与建国门外大街之间，与朝阳政务区、第一使馆区接壤，紧邻东二环；南依日坛国际广场，北靠朝外成熟商圈，东望CBD中央商务区，南接国际闻名的雅宝路商圈，属于雅宝路商圈和朝外商圈的黄金交汇点，在新金山周边，不仅散布着外交部、司法部等政府机构，更云集了昆泰国际中心、丰联广场、联合大厦、泛利大厦等高端写字楼。于福生还表示，雅宝路的特殊位置又决定了客流的巨大，它对外辐射面积是30多个国家，对内辐射十几个省市，雅宝路已经相当于一个繁华对外口岸。同时，正在兴建的外交部新闻中心，也为新金山提供了充足的客源。雅宝路的更新换代，比如日坛宾馆的拆除，使新金山正好填补了市场的空白。

据统计，新金山周边商圈的高档写字楼中已入驻公司1000余家，每家写字楼的出租率达到90%以上，其中包括美国辉瑞制药、法国航空、日本索尼、德国蒂森、克虏伯等30余家世界500强企业及14家中国500强企业总部，加之商圈内居住的近5万高端外籍人士，整个朝外商圈汇聚了35万高级白领。有关数据显示，目前北京市场上的酒店式公寓，其主要消费人群是商旅人士、驻京机构代表、国内高级白领，而新金山所处的位置，成为这一客户群最好的选择。另外，丰富的涉外资源促成了整个区域浓烈的商务氛围，这就使新金山有着巨大的升值潜力，同时，成熟的雅宝路商圈使其兼备自用和投资性的双面优势，更使新金山突出了自用的便捷性。

科学规划 国际品质

为抓住2008年北京奥运会带来的巨大商机，新加坡辉盛国际管理有限公司将在北京打造两个新项目——北京辉盛阁国际公寓和北京辉盛庭国际公寓。

1998年成立的辉盛国际管理有限公司隶属于星狮集团餐宿服务业务部。目前，辉盛国际的酒店式公寓业务已扩展至伦敦、巴黎、首尔、东京、曼谷、悉尼、迪拜等国际主要城市。

在不到两年时间里，辉盛国际已经在上海、北京、广州、南京、成都和天津等中国一些主要城市进行了立项。并将继续在中国的主要城市以及二级城市进发，如大连、天津、沈阳。　

“自2005年，辉盛在中国的首家酒店式公寓在深圳开始运营后，辉盛便将其版图扩张目标锁向中国， 即到2009年年底，辉盛将在中国10个城市运营3000套单元寓所。

辉盛国际总裁曹炳森说，中国经济的飞速发展推动了外国居住者和来华旅行者人数的指数级增长。辉盛国际非常看重中国市场，并寻求多元化的发展模式，包括第三方管理、共同投资和单独收购。对于合作伙伴的选择我们有着严格的标准，目前我们与拥有良好声誉的中远集团和仁恒集团建立了合作伙伴关系。

为满足即将到来的2008年北京奥运会的市场需求，辉盛国际将投资1.3亿美金打造两个全新项目：北京辉盛阁国际公寓和北京辉盛庭国际公寓。曹炳森介绍，与其它品牌不同的是，辉盛的这三个品牌并非按照硬件档次的不同进行分类，而是按照生活方式的不同进行分类，也就是说，这三大品牌全部是一个级别的服务水准，面向高端客群，但会根据客户群的特点和喜好进行市场细分。

他说，辉盛阁的选址在市中心，为高档商务客及家人提供一种豪华、温暖的商务氛围，每个公寓都会融入当地的文化要素；辉盛坊则针对年轻的专业人士，地点多坐落在时尚商圈，让他们近距离体验当地都市的动感和活力，设计风格简约、明快、具有现代感；辉盛庭为住户提供一种个性化生活，其公寓设计可以满足不同住户的具体需求，室内家具也可灵活性配置，为客人提供量体裁衣式的服务， 更具有人情味。

据曹炳森介绍，辉盛的价格定位与五星级酒店相同，客户主要针对长驻客户，与五星级酒店没有太多的交叉重叠，从产品来说，酒店式公寓房型与酒店客房相比更为宽敞，更能提供一种居家的空间和感受。

目前，辉盛国际90%的客户是公司客户，其中70%是财富500强公司。大多常驻客户在入住之前都要亲自体验公寓质量，这要求其品质要有保证。目前辉盛在世界各地达的平均入住率达到90%，并拥有3个月的等候名单。

高端地产的抗跌能力强是一条公认的公理，占有独特城市资源、国际化的高品质、具有良好升值潜力，构成了许多项目价格攻势的重要因素。

业内分析人士认为，酒店式公寓的规划和品质，满足了成熟的商业或者是商务街区所要包含要素，第一个是酒店，酒店在整个商业街区是很重要的位置；第二个因素就是写字楼；第三个要素就是停车场，这是必不可少的；第四个要素就是相关的娱乐设施和休闲设施；第五个要素就是商业，商业在里面是非常活跃和突出的，也可以成为一种标志性的代表。最后就是公寓，公寓是为了更多的商务和商务人士提供服务的要素，这6大要素组成在一起，才是一个非常完整的，比较现代的商务或者是商业中心模式。