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According to Swire Properties Management's portfolio manager Sanjoel Ho, more than 50 percent of residents at PPA stay longer than two years, although its minimum lease is one month. The longest staying guest has lived there for more than 20 years.

"Five years ago, guests from the Chinese mainland accounted for 3 to 4 percent of our residents. Now it's 10 percent," says Ho.

Although his company provides a housing budget that would afford a comfortable rented flat in Midlevels or above Kowloon Station, Pan the banker chose a one-bedroom apartment in PPA after considering other options.

"We were concerned about the decor, or over-decoration," Pan acknowledges. "We like being able to accessorize the apartment to our own tastes, and AB Concept's interior design is contemporary and minimal."

PPA is in the same complex as Conrad Hong Kong, and tenants have access to its outdoor heated pool and indoor 24-hour fitness facilities. PPA also offers in-room dining service catered by Conrad's Nicolini fine Italian restaurant.

"All of PPA's facilities are 5-star hotel quality," Pan continues. "The in-room dining is fantastic. After a long trip, I can order dinner from the Airport Express station and it will be waiting for me when I get home. I can take my friends to any of the restaurants downstairs. PPA is next to Hong Kong Park, and my wife and I often walk there after dinner."

Another benefit that Pan appreciates is PPA's laundry service.

Although he has a washing machine and dryer in his apartment, he can get special items laundered by the apartment's staff within a short amount of time. "Delicates such as fur, silk, ties and gloves are all done in-house," he says. "Many other apartments outsource the laundry service."