Frasers to double portfolio in China
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Frasers Hospitality has said that it is on track to double its presence in China.
The Singapore-based serviced apartment operator is planning to grow to a collection of 30 properties in China, comprising 7,000 units, by 2019.
And this expansion plan has taken another step forward with the acquisition of a serviced residence property in the coastal city of Dalian, Liaoning province, for CNY481.4 million (US$75.2m).
The 259-unit Fraser Suites Dalian is one of the 16 new serviced residences that Frasers will be adding to its Chinese portfolio in the coming years, along with others in Changsha, Hefei, Nanchang, Shenzhen, Suzhou, Tianjin, Wuxi, Xiamen, Chengdu and Shanghai.
“With a growth rate of 7% per annum, one cannot ignore the strength of China’s position as the world’s second largest economy and a strong magnet for foreign direct investment,” said Choe Peng Sum, CEO of Frasers Hospitality.
“Investing in Dalian, one of the country’s top 10 fastest growing cities is our investment in the future of China. The 16 new additions not only strengthen our network in China but also place us strategically in the country’s most thriving cities.”
Scheduled to open in 2017, Fraser Suites Dalian will offer a range of studios, one-, two- and three-bedroom serviced apartments, all featuring living, dining and bedroom areas. Facilities include a gym, swimming pool and meeting space. The property will form part of the Europark Tower complex, which also comprises a shopping mall, offices and luxury residential apartments. It is located within walking distance of the Davos Conference Centre.
Frasers debuted in China in 2004 with the opening of the Fraser Place Shekou Shenzhen, and has since added serviced residences in Beijing, Chengdu, Guangzhou, Nanjing, Shanghai, Shenzhen, Suzhou, Tianjin, Wuxi and Wuhan.
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