Co-living expertise that enables innovation. Experts choose experts.
|
Location (City) |
Asset Type |
Project Period |
GFA (sq. ft.) |
|
InnoCell, Pak Shek Kok, Tai Po, New Territories, Hong Kong |
Co-living | June 2020 - March 2022 |
164,162 |
Client: Hong Kong Science and Technology Parks Corporation
Services provided: Valuation & Advisory Services
The client:
Hong Kong Science and Technology Parks Corporation (HKSTP) was set up to transform Hong Kong into a regional hub for Innovation & Technology (I&T). Since 2002, it has been cultivating successful I&T companies, formed strong local and international partnership networks and created a thriving community.
To accelerate the success of HKSTP, they built InnoCell, a smart-living, co-creation space designed for I&T talent to live and spark collaboration within its community. The 17-storey residential building has a total gross floor area of 164,162 sq. ft., providing 392 rooms with smart features and supporting communal facilities. It became fully operational in early 2021.
HKSTP engaged Colliers as the strategic consultant for InnoCell to advise on the rental of its smart-living units and create a competitive pricing strategy that would ensure occupancy.
The strategy:
HKSTP is a long-standing Colliers’ client with a track record in valuation and business consultancy services across its portfolio. Leveraging this relationship, Colliers was able to advise HKSTP on the best approach to take its smart-living concept to market.
The strategy focused on utilising Colliers’ knowledge of the co-living sector to develop a custom leasing and pricing strategy. This was done through a competitor analysis of nearby residential units, serviced apartments, and other co-living concepts. The findings determined the current supply in the area, pricing, leasing structures and operating models which then informed InnoCell’s approach to the market.
The result:
The strategy of completing a thorough market review not only enabled InnoCell to find the right price point for its product, but it proved to be resilient throughout the ongoing disruption of COVID-19 by achieving optimal occupancy rates.
This assignment highlights Colliers’ expertise as a valued partner by contributing to the success of InnoCell as a flagship smart-living initiative within HKSTP’s community. With close to three consecutive years of accelerating the success of HKSTP, they provided an endorsement for Colliers as a leading co-living expert, with high recommendations for the team that led the project.
