Leading owner-operator Ovolo has launched 48 designer units for sale at its newly-upgraded complex on 222 Hollywood Road, giving real estate investors a chance to acquire a stake in Hong Kong’s growing luxury service apartment sector.
The first branded serviced apartments on the Hong Kong market are being offered at around HK$10 million per unit. They come fully furnished under a “leaseback” arrangement with a continuing management that guarantees a 3.3 percent annual yield, payable quarterly and well above current interest rates.
The complex enjoys a prime location in the neighbourhood of Sheung Wan. Two of the 48 fully furnished, 650 sq ft apartments have private terraces, priced at about HK$12,800 psf.
“Investors can now buy into the Ovolo lifestyle in a very hip and happening, vibrant district of Central,” said Girish Jhunjhnuwala, founder of Ovolo.
The apartments currently fetch a monthly rental fee of HK$35,000 to HK$39,000, a “seductive choice for discerning urbanites in this vibrant new commercial and lifestyle hub,” he said.
To keep up with the edgy new image of the neighbourhood, Ovolo gave the complex a new designer look, courtesy of interior design director Bun Ho, with styling by Domain Ltd’s Toland Sherrif and photographer Tim Fawcett.
The fully-equipped kitchenettes include Nespresso coffee machines, cutlery, glassware, exhaust hoods and SMEG appliances, such as microwaves, dryers and concealed washing machines.
Cutting-edge technology includes the latest Apple TVs with JBL iHome docking systems, wireless high-speed internet, 42-inch LCD plasma TVs with Bose DVD players and surround sound, cable television and other entertainment features such as the X-Box and Wii and a DVD library.
The personalised management and concierge services at the complex include order-in food and wine, as well as free grocery deliveries and laundry services.
The apartments at 222 Hollywood Road are part of Ovolo’s portfolio; the firm owns 245 designer apartments in six buildings on Hong Kong Island, with another 63 to open this year in West Kowloon.