Frasers opens first of 3 Aussie properties

Fraser Suites Sydney is a 42- level development in the heart of Sydney’s business,shopping and entertainment hub.

Construction plans are being finalised for a second development inSydney Fraser Place Sydney and one in the Western Australia capital of Perth.Both are greenfieldprojects and mixed-use developments.

They are both owned by Frasers Property, the Australian property investment arm of Frasers CentrepointLtd, of which Frasers Hospitality is a whollyowned subsidiary. “We are very excited about the prospects in Australia,” saidChoe Peng Sum, Chief Executive Officer of Frasers Hospitality.

“Australia hasseen strong and steady economic growth over the last decade. It registered realGDP growth of about 3.5% last year and growth is forecast to continue at 3.25% per year tothe end of the decade.” Fraser Suites Sydney has 201 units ranging from studio,one and two-bedroom apartments and spectacular duplex penthouses. Each comeswith a fully- fitted kitchen, washing machine and dryer and customized livingspaces. Every apartment is also equipped with broadband Internet, workstationas well as home entertainment system.

The serviced residences is part of a mixed-use development calledLumiere at Regent Placewhich also has a 56-storey residential tower and a shopping mall slated to open in early 2008.

Soft-opened late last year, Fraser Suites has been warmly welcomedby the market. “After just six months, our occupancy

is already past 60% while the average occupancy for such a newproject would be 30 to 40%,” Choe claimed.

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