Most of the people have a tendency to regard serviced apartments as home property. Howeve, they’re not. As serviced apartments are built on commercial land, they come with commercial land titles.
As such, should there be any dispute between the buyer and the developer; it will not be settled via the Housing Tribunal. It must be settled in a civil court.
Maybe it is because of recently more developers have been building serviced apartments or just exploited the term serviced apartments as a selling trick to draw in buyers. I have come to grasp of a project where the developer launched as serviced apartments situated under commercial land. But on enquiring about the service render to the owners expected of a serviced apartments, I was told that there is not any service to be rendered and the supposed serviced apartments are precisely the same as any other lofts with the ordinary facilities like pool, gym, tennis court, etc. So take care and check correctly before you purchase a serviced apartment and do not be tricked by the term used.
At first , these apartments were built to supply a substitute for a hotel, with all of the comforts of home for managers having to work in cities and towns for periods longer than a week or two. These fashionable serviced apartments are appealing particularly to expats as stylish hotel possible choices with home-away-from-home interiors, mixing hotel facilities with home comforts.
Today, many have selected to call serviced apartments “home”. In major cities like New York, London and Paris, serviced apartments in great locations offer one of the most complex urban lifestyles available. The demand is so high that in some examples, even previous economic buildings in desirable locations have been redecorated into sleek serviced apartments. Many describe these apartments as being “urban chic”. I’ve seen some extremely enticing transformations, incorporating high ceiling heights ( above 4 metres ) with exposed slabs and beams and quality modern materials – terrazzo tiles, stainless-steel, deep timbers and resins contrasting with classical elements like backlit marble. Pluses include linkage to signature eateries and some can even use adjoining hotel facilities, i.e. concierge service, twenty four hour room service, housekeeping, even valet parking!
The prestige, a modern life-style with wireless broadband connection and integrated smart home systems, exclusive club facilities including swimming pools with fitness centers, sauna, steam and massage rooms, business centers and lobby lounges, high technology security features, and convenience are fueling interest in serviced studios, particularly for many young working executives and expatriates in the city.
All of these facilities, naturally, come at a price, which is in the shape of a monthly service charge and sinking fund. Depending on the level of luxury, the monthly service charge and sinking fund per square foot can range between moderate to high cost. It is recommended to build this into the rental for simple monitoring of costs.