Serviced apartments and residences are having a boom.
The concept of a serviced apartments or residences is clever. They offer a level of convenience that cannot be found in an ordinary condominium but more space than a hotel. It is no wonder that developers are including serviced apartments as part of their strategy.
They fill the gap between hotels and condominiums. Bringing together the best elements of both. Ideal for those wanting to stay in a property for a medium length of term. Longer than a week and less than six months. Hotels provide an inclusive service of amenities such as maids, room service and utilities. However their small size are not always ideally suited to people staying for the mid term.
On the other hand condominiums boast space. Coming complete with all the appliances you need in order to make yourself feel at home. However they lack the added luxuries of a hotel. It is also common for landlords to request for tenants to commit to at least a six month term and you will need to spend time to source and set up your own utilities such as Internet, electricity and water. In a serviced apartment these are already set up the moment you walk through the door.
Serviced apartments are ideal for those staying an extended period of time. Whether this is for business or pleasure, the number of serviced residences is increasing. This has been driven by landlord looking to diversify their property portfolio but also a response to demand. A result of many businesses having reduced their budgets for relocation packages for their employees. These serviced apartments are the ideal solution and require minimal management for businesses.
As the Philippines economy continues to make good headway and the property market blooms, Manila will welcome more business. This in turn brings more people into the city who need to be accommodated for a short or long period. The thirst of serviced apartments isn’t expected to slowdown anytime soon.