Frasers Hospitality, the Singapore-based serviced apartment operator, has unveiled plans to enter a series of new markets in China.
At the official opening of Fraser Place Tianjin, which was attended by Lawrence Wong, Singapore’s Minister for National Development, the company revealed that it will open 10 new serviced residences in mainland China in the coming years, including its first properties in Nanchang, Dalian and Changsha.
“The expansion of our portfolio in China reflects not only our success in meeting the evolving needs of China’s buoyant domestic and international travel market, but also clearly demonstrates our confidence in China’s steady rise as a global economic powerhouse,” said Choe Peng Sum, CEO of Frasers Hospitality.
“With the exponential growth that we have witnessed over the last 11 years, including the surge of domestic tourism from 744 million in 2000 to 3.6 billion in 2014 and 83.4 million to 128.5 million in international tourism for the same period alone, there is no question that China is, and will continue to be an integral growth market for Frasers Hospitality.
“Looking ahead, our growth strategy is very much parallel to that of China’s plans to develop new infrastructure and master planned cities as they present tremendous growth opportunities that will deepen our presence here,” he added.
As well as the company’s first properties in Nanchang, Dalian and Changsha, Frasers is planning to expand its presence in several key Chinese cities including Tianjin, Wuxi, Chengdu, Shanghai and Shenzhen. The new properties will cover a range of brands, including Fraser Suites, Fraser Place, Fraser Residence, Modena by Fraser and Capri by Fraser.
Frasers Hospitality says it is “on track” to reach its goal of 30 Chinese properties comprising 7,000 units. This forms part of its global target of reaching 30,000 units worldwide by 2019.