The serviced apartment market is still popular with expats, while some existing apartments that have not been upgraded could see a sharp fall in tenancy occupancy rates, according to local real estate experts. Dith Channa, managing director of Lucky Realty Co., Ltd., said demand was still strong in the first six months this year for serviced apartments in the city center.
 

Mr. Channa said this was due to demand from an increasing number of expats and also staff working in international NGOs and UN agencies. “Most expats stay in the apartments long-term and they prefer it to be serviced,” he said. Mr. Channa pointed out that while the number of apartment buildings were increasing, some apartments have not been upgraded to include modern facilities.
 

“It is these apartments that will find it hard to get tenants and there could be a surplus of these kind of units,” he said. “This will not be good for the sector.” According to Mr. Channa, in the Grade A serviced apartment category, prices range from $2,500 to $3,500 for two bedrooms and from $1,000 to $2,000 for a one bedroom unit.

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