Executive apartments for the corporate market has been launched

The Corporate Apartment Group, in partnership with Renprop – one of South Africa’s largest residential housing providers, is taking a specialised approach to the executive apartment market. 

The offering will include a selection of serviced and furnished executive suites in Johannesburg for both short and long stay requirements.
Serviced apartments and apartment rentals are two alternative lodging products gaining momentum globally. Available for short- or long-term stays, both product types provide temporary, furnished accommodations in a residential setting, offering guests amenities that are not found at traditional hotels, such as a fully-equipped kitchen, workspace and living room.
Serviced apartments and apartment rentals are gaining traction globally as travellers continually seek accommodation options that contain basic travel necessities while also offering a sense of personal space in a comfortable atmosphere.
Demand for serviced apartments is outstripping supply in many territories, due in part to greater adoption of serviced apartments in corporate travel policies, but also to more apartment operators taking short-stay business (i.e. less than a week) away from traditional hotels.
The Corporate Apartment Group aims to leverage Renprop’s property industry expertise, which when used in conjunction with the more than 10 years’ experience held by The Corporate Apartment Group’s leadership in the hospitality and the serviced corporate apartment market, results in a specialist company providing high quality accommodation coupled with a personalised concierge service in high demand locations.
“Growth in demand for serviced apartments has been fuelled by the global economic recession, particularly among corporates who have turned to serviced apartments as a cost-effective alternative to long-term hotel stays,” says Chris Renecle, MD of Renprop.
Johannesburg is still recognised as the business and commercial capital of the African continent with approximately 75% of South African corporate headquarters based in the broader Johannesburg region, and 55 international airlines flying into the city.
The Corporate Apartment Group’s research has highlighted 2976 serviced apartments in 35 locations in South Africa. Based on estimates of the world’s total supply of serviced apartments, South Africa accounts for just 0.714% of the global serviced apartments market in 0.86% of the world’s serviced apartment locations.
Renecle says that South Africa is considered as the gateway to Africa for large, multinational businesses in certain economic sectors such as the IT and finance industries who are busy expanding into Africa. “This has led to an increase in demand for executive accommodation while various projects are rolled out, which has in turn created a new market in the executive apartment sector.”

Tailoring solutions for corporations, families and individuals alike to provide ‘the best of both worlds’, The Corporate Apartment Group provides the comforts of a home with the convenient services of a hotel to meet specific budgets.
Renprop has access to an array of new residential stock through its various developments close to key commercial nodes in Johannesburg, which is exactly the kind of accommodation needed to fill the demand in this executive space. It is for this reason that Renprop has taken an equity stake in the Corporate Apartment Group and will be involved in management oversight of this business, Renecle explains.

“This affiliation between Renprop and the Corporate Apartment Group falls in line with Renprop’s business philosophy of working with a number of project partners. This philosophy is carried throughout the different Renprop divisions in order to offer the broader property market with a selection of solutions which can be easily tailored to suit specific requirements.”

While the Corporate Apartment Group is able to tailor packages according to specific accommodation requirements, they will generally provide corporates with two different offerings: short stay accommodation, which is usually for those looking to stay in Johannesburg for between one and three months and corporate housing options, which would accommodate those looking for longer term accommodation of three months and more.

Renecle explains that the executive suites are run with all the conveniences of a hotel but with the comforts of a home, and at a better rate. “These executive accommodation packages really provide value in the gap between the traditional hotel market and standard residential rental options,” he says. “Basically we have taken away all the unnecessary frills of a hotel without compromising on the service to offer corporate accommodation packages at a cost-effective rate.

“These accommodation options offer the perfect alternative to classic hotel rooms,” says Renecle. “The apartments offer more space and flexibility than most hotels, along with fully-equipped kitchens, dining rooms, a cosy lounge and overall more living space than a traditional hotel room, which makes them ideal for longer stays.”

Developed around the concept of offering a home away from home, all apartments are self-catering and fully serviced. Additional conveniences such as grocery deliveries, breakfast deliveries and other added-value items are available by arrangement.

“We will shortly be launching the first corporate accommodation offerings at The Cube development in Rivonia, which provides a number of creatively designed one and two bedroom apartments with 24-hour security and basement parking,” says Renecle. “Renprop and the Corporate Apartment Group are excited to be engaging in this new, young market,” he concludes.

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