MetroResidences secures S$1 million funding led by 500Startups
11 Jan 2016 – MetroResidences, a platform connecting business travellers with quality apartments, today announced it has secured an S$1 million seed funding led by 500 Startups.
MetroResidences, which launched 18 months ago with the aim of making corporate stays more affordable and enjoyable, currently has more than 200 high quality furnished apartments within its inventory of homes.
With the $1 million seed funding, MetroResidences aims to capture 10% of the serviced apartment market in Singapore and to expand to one other Asian city within this year.
Other participants who coinvested in the round are Phey Teck Moh (exCEO of Pacific Internet), Lim Dershing (exfounder of JobsCentral), Linus Lim (CoCIO at Phillip Capital Management) and Ashok Melwani (CEO of A B Melwani).
Khailee Ng, Managing Partner at 500 Startups, shares “for a long time corporates had to rely on brands such as Frasers and Ascott. MetroResidences is now offering them a fresher option, to take a piece of this billion dollar market.”
To date, MetroResidences has housed over 100 Multinational companies and 200 small to medium enterprises, chalking up to over 10,000 apartment nights booked.
James Chua, Founding Partner and Head of Sales, stated that the key reason for returning clients is because of MetroResidences’ ability to “provide the highest quality serviced accommodation coupled with an unbeatable price that is near their offices.”
“At the end of the day, MetroResidences provides the best value on a dollar per night per square foot basis,” Chua said.
Within just 18 months, the MetroResidences portfolio has grown from just 10 to 200 apartments across the island, with an emphasis given more on quality than quantity of apartments. Only the best apartments that are in excellent condition, near subway stations and with good facilities and amenities are available for rent on MetroResidences.
“Significant attention is given to the quality of apartment such that poorly maintained apartments are removed from the portfolio as they do not meet our minimum corporate standards,” says Lester Kang, Founding Partner and Head of Assets.
With fresh funding, MetroResidences will double its effort on growing its existing assets through a multichannel and stakeholder approach by targeting developers, private investors, real estate funds and existing property management companies.
MetroResidences offers asset owners the hassle-free turnkey furnishing, housekeeping and maintenance solution by converting existing residential assets into high yielding serviced residences for business travellers.