The boutique serviced apartment has become a popular choice among house hunters looking for budget accommodation in prime locations. The concept surfaced in Hong Kong a couple of years ago and has caught on in a big way. A growing number of small investors and developers are getting into the picture.
They are taking single-tower residential properties in business districts and turning them into serviced apartments. Those in the business say they get better rental returns in this niche market than they would if they gave this space to businesses.
This type of unit usually attracts the yuppie expatriates who want an apartment that’s close to their work-place and the city’s nightlife. Fresh demand is also emerging from young Chinese professionals returning from overseas and local residents in the high income group.
Useful words & expressions:
Buzzword - a word or expression that has become fashionable and is used a lot.
Boutique - noun: small shop selling fashion clothes, jewellery etc. This word has recently become commonly used to describe anything trendy in a small way.
Surfaced – when an idea (or piece of information) surfaces it becomes generally known
Caught on in a big way - became very popular
Emerging - becoming more well known (more apparent)
Fresh demand - a new source of demand
Getting into the picture – becoming involved in the situation (e.g. the market)
Niche market - a specific part of a larger market – with its own products and customs
Turning them - changing them
Upwardly-mobile - describes ambitious people on the ‘ladder of success’
Yuppie- a young person in a well paid job who likes to ‘show off’ the expensive things they have bought
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