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Case study | Co-living with Hong Kong Science and Technology Parks Corporation

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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.


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Hannah Jeong

Head of Valuation & Advisory Services

Valuation & Advisory Services

Hong Kong

Hannah Jeong has extensive valuation & advisory services experience over 15 years including property investment and development projects specialising in valuation, development consultancy, financial analysis and feasibility studies. Project’s geographic coverage span across Asia Pacific and Middle East, in particular Hong Kong, China and Korea. She has started her career with Colliers since 2006 and is now heading our Valuation and Advisory Services - Hong Kong Office with over 40 professionals.

Hannah has strong client coverage on major financial institutions including global real estate funds and private equity firms.

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Joyce Hung

Assistant Manager

Valuation & Advisory Services

Hong Kong

Joyce joined the Valuation and Advisory services at Colliers International as Assistant Surveyor in early 2020. Prior to this, Joyce worked as a broker in Office Services at Cushman & Wakefield. Her major involvements include conducting valuation exercises for different types of properties in Hong Kong and China, as well as consultancy projects which vary in scale. 

Graduated from The University of Hong Kong with a Bachelor of Science in Surveying, Joyce is well-equipped with technical skills and knowledge of the real estate industry. 

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