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PR Newswire
06-09-2014, 05:50 PM
PUBLISHED SEPTEMBER 06, 2014
Serviced apartments gaining favour over hotels
Shrinking corporate-travel budgets, need for longer-term transient homes boost demand
BYLEE MEIXIAN
leemx@sph.com.sg @LeeMeixianBT
SHAKING UP THE SECTOR
Banyan Tree in June launched serviced apartment brand Cassia, which has five projects in development. - PHOTO: BANYAN TREE
Singapore
SERVICED apartments are losing their stigma as the less glamorous and poorer cousins of hotels, as shrinking corporate budgets siphon business travellers away from hotels to them.
At the same time, a growing need for longer-term transient homes brought on by greater global mobility is feeding demand for serviced apartments, which are cheaper to stay in since residents don't have to pay for extras such as restaurants and bars, swimming pools, conference rooms and business services.
Serviced apartments also tend to feel more like home - larger and complete with a laundry area and fully equipped kitchen. This is good for the frugal and savvy business traveller because since the global financial crisis, companies have cut back on expatriates' housing allowances, preferring to give them a monthly lump sum to take charge of their own accommodation instead of hiring leasing agents to look after their needs.
Serviced apartments gaining favour over hotels
Shrinking corporate-travel budgets, need for longer-term transient homes boost demand
BYLEE MEIXIAN
leemx@sph.com.sg @LeeMeixianBT
SHAKING UP THE SECTOR
Banyan Tree in June launched serviced apartment brand Cassia, which has five projects in development. - PHOTO: BANYAN TREE
Singapore
SERVICED apartments are losing their stigma as the less glamorous and poorer cousins of hotels, as shrinking corporate budgets siphon business travellers away from hotels to them.
At the same time, a growing need for longer-term transient homes brought on by greater global mobility is feeding demand for serviced apartments, which are cheaper to stay in since residents don't have to pay for extras such as restaurants and bars, swimming pools, conference rooms and business services.
Serviced apartments also tend to feel more like home - larger and complete with a laundry area and fully equipped kitchen. This is good for the frugal and savvy business traveller because since the global financial crisis, companies have cut back on expatriates' housing allowances, preferring to give them a monthly lump sum to take charge of their own accommodation instead of hiring leasing agents to look after their needs.