Friday 19 July 2024

Dubai smart-rental startup Colife launches in Hong Kong

DUBAI, June 2, 2024

Colife, a UAE-based smart-rental startup that operates as a full-cycle property management company, started the expansion into the Asian market, beginning with Hong Kong in May 2024.
From the start Colife has been revolutionizing the rental market, providing seamless solutions for purchasing, managing, and renting properties in Dubai since 2022 and in Istanbul since 2023. Now, the firm has set its sights on expanding further into the Mena and Asia regions. 
These markets represent significant untapped potential for Colife's growth. By 2028, the group plans to establish a presence in 10 major cities, leveraging our innovative approach to redefine urban living and investment opportunities, said a statement from Colife.
The launch was accomplished by a core team of three employees: a Senior Project Manager, a Legal Manager, and an Operations Manager, said the statement.
They were remotely supported by six specialists, including members from Colife Dubai, ranging from an Interior Designer to the CEO of the company. This strategic approach ensured a smooth and efficient entry into the Hong Kong market, it added.
“At Colife we budget up to $350,000 to launch a new region. This budget primarily covers company setup, local marketing, team expenses, and apartment renovations,” remarked its CEO Ilnara Muzafiarova.
"With these resources, we can launch 3 to 10 first units, depending on the cost of the region. During the first year, we continue to invest, totaling about $2 million. This is enough to see if the model works in the region," she stated.
"Unlike in Dubai, where Colife focuses mostly on apartment rentals, our strategy in Hong Kong is centered around creating co-living spaces. This is the rental format with fully furnished rooms featuring stylish interiors and functional common areas," explained Muzafiarova. 
"Currently, we offer unique mid-term rentals of apartments and rooms in the Causeway Bay, Sheung Wan, and Happy Valley areas of Hong Kong Island. All services, support, and community events are included in the rent, making it effortless for young professionals and digital nomads to start their lives in the metropolis without sacrificing comfort or the desire to live in beautiful apartments within prime locations," she added.
The plan for the year is to launch individual apartment rentals, create more than 100 units in co-livings (rooms and bed spaces), and find a building to open a full-scale co-living house for about 60 units, where common spaces for residents will not only include a living room, kitchen and bathroom, but also coworking areas, reception, meeting rooms, and more.
Hong Kong is an up-and-coming business city that attracts expats for career opportunities and students due to its excellent universities. It boasts a stable economy and is a strong financial and economic center in Asia.
High rental costs in Hong Kong directly impact the margins of the co-living model. On one hand, high costs directly affect the rent-to-rent model's profitability. On the other hand, there are a lot of unique challenges for our team here, such as limited apartment sizes, the use of the Imperial measurement system, and a deposit system for everything from utility re-registration to the rentals themselves.
"Our mission is to improve the Net Promoter Score (NPS) for rental experiences in iconic cities across Asia and the Mena region," said Muzafiarova.
"We aim to democratize rental living for young professionals in major cities where stylish housing is hard to come by and forming a community is challenging. Hong Kong fits all these criteria: poor user experience, lengthy processes with no quick and quality service, but exorbitant prices," she added.-TradeArabia News Service


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