In January 2019, Estella Heights, developed by the Singaporean Keppel Land, released its two new apartment towers (T3 and T4). Ms Veronica, international real estate investor based in Hong Kong with her family, purchased a 3-bedroom apartment in the new Tower 3 as real estate investment.
Ms Veronica, working with CBRE for her property management, got introduced to Connecty by her CBRE real estate agent to furnish her apartment for leasing.
Below the 5 reasons why Ms Veronica decided to furnish her apartment:

1. More renters are looking for fully furnished apartment

Before deciding to furnish her apartment, Ms Veronica studied the leasing market demand with her real estate agent and Connecty for Estella Heights and similar high end condominiums in the area. Two main key data came from this informal study:

1. Average of 50% of renters are expats (Japanese, Korean)

2. 87% of expat tenants are looking for fully furnished apartments

For many renters, the thought of moving is overwhelming. The less renters have to move, the less stressful moving is and the more chance owners can rent their apartment.

2. Charge a higher leasing price

Fully furnished apartments for high end condominiums, such as Estella Heights, can be rented on average 20-30% higher than unfurnished comparable ones. The rental price also varies depending on the apartment size, floor, view and duration of the lease term. To maximize the potential rental income and return on investment, more and more landlords decide to invest in design and good quality furniture.

3. Find Quality Renters

After her study, Ms Veronica decided to target expats and especially Japanese renters who are known for their caretaking home lifestyle. The layout is designed to match the living habits of a Japanese family. In fact, some Japanese moms used to stay and co-sleep in the same bedroom as their young son and daughter (usually until 6 years old). The 2nd bedroom has then beed furnished with two twin beds (1200x2100mm) that can be merged into one bigger bed if needed.

4. Stand Out from Many Other Apartments to Rent

The minimal design, light wood materials and zen atmosphere have also been chosen to please her Japanese renters. Having a well designed and well furnished apartment definitely optimize the chance to find tenants. But not only. It also increases the demand and interest from diverse prospective renters. That means Ms Veronica has options and can choose the more suitable tenants also willing to pay good rent.

5. Provide Long Lasting Furniture for Future Tenants

By furnishing her apartment, Ms Veronica can control the quality and materials of the furniture to maximize the furniture durability and investment.
In addition, that means the tenant doesn't have to bring in their own furniture. This removes the concern about damages created during the moving process. For example, moving a large couch and heavy cabinets might result in some scratches on the walls and doors. Also, when the tenancy ends, Ms Veronica won't have to worry about your rental unit being filled with mismatched or dysfunctional furniture. Instead, it will be filled with her furnishings and ready for the next tenant.

Below more pictures of the apartment furnished in 22 days for a total budget of USD 9,000 and leased in 14 days to Japanese family: