The 500 Startups-backed MetroResidences raised US$1 million in seed funding earlier this year
Singapore-based MetroResidences will roll out its services in Hong Kong next month, following a US$1 million seed round round raised in January led by 500 Startups.
The startup is also expected to open a Series A funding round to support the expansion to Hong Kong, though a timeline has not been given.
“No two countries are alike, but it is no secret that Hong Kong and Singapore are very similar. Taking Singapore as a reference point, I think it is possible for [our] Hong Kong [business] to do very well,” said Founding Partner James Chua.
He added that the seed funding round, which also included several angel investors, has helped speed up the startup’s roll out of its services.
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Likened to an ‘Airbnb for business travellers’, MetroResidences is a web-based platform that offers serviced apartments for a minimum of 30 days. These residential units belong to investment property owners who earn the rental income.
With the help of the two-year-old startup, these investment properties are refurbished into serviced apartments, and form the supply of apartments for the platform. Following which, MetroResidences manages everything from marketing to listings and housekeeping to guest services.
Guests at MetroResidences are often expatriates in Singapore for work projects, but also include medical tourists and locals renovating their homes.
Aside from securing higher rental payouts for property owners, the profile of these guests is also more attractive as long-term stay guests are more likely to take good care of the apartment.
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Chua said the startup is growing at a rate at 15 per cent month-on-month. He also estimated that MetroResidences currently has a 2.5 per cent market share of the serviced apartments business in Singapore, moving toward its long-term goal of capturing a 10 per cent market share.
In Singapore, the startup’s portfolio has a mix of apartments — both within and outside the central business district.
Meanwhile, MetroResidences has developed an app to help their staff serve clients better.
Its e-concierge function is an attempt to offer hotel-like touches in its serviced apartments. Currently in beta stage, users of this app can also upload information like flight details or communicate with front desk staff.
The app is currently available on only Google Play, but will be on the App Store soon.
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