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06 Mar 2009 - Singapore
SINGAPORE, 6 March 2009 - Frasers Hospitality Pte Ltd today underscored its intention to become a major player in the Malaysia serviced residence scene with the announcement of its second world-class serviced residence in the immediate vicinity of the iconic Petronas Towers in Kuala Lumpur’s city centre.
The 446-unit serviced residence development which will be named “Fraser Residence Kuala Lumpur” is the second venture to be announced by Frasers Hospitality Pte Ltd, the hospitality arm of property group Frasers Centrepoint Limited. It will be located within the “golden triangle” of the Malaysian capital, where most international banks, oil and gas companies and multinational corporations are based. In July last year, Frasers Hospitality Pte Ltd had announced its foray into Malaysia with Kar Sin Bhd for a 217-unit serviced apartment development at Jalan Perak called “Fraser Place Kuala Lumpur”. This is part of a mixed development within walking distance of the Petronas Towers and is also owned by YNH Property Bhd.
The new YNH development, which will be constructed on vacant land facing both Jalan Ampang and Jalan Sultan Ismail is close to two light rail stations and surrounded by entertainment malls, tourist attractions and offices. Fraser Residence Kuala Lumpur will comprise two towers with one and two-bedroom serviced apartments. It will feature a sky gymnasium, infinity lap pool, whirl pool and sauna and is scheduled for completion in 2012. Executive Chairman of YNH, Dato’ Dr Yu Kuan Chon said “This is YNH’s second collaboration with Frasers Hospitality after Fraser Place Kuala Lumpur in Jalan Perak. With Frasers Hospitality’s global network and expertise, we are confident that this new serviced residence will be professionally managed”.
“We are very happy that Frasers Hospitality has agreed to work together with YNH again as they will further enhance our property’s value, image and reputation, in addition to the prime location of our properties. Frasers Hospitality has built a reputation as one of the best international branded serviced residence management companies in the world.” added Dato’ Dr Yu.
Fraser Place Kuala Lumpur which is scheduled for completion in the third quarter of 2009 will set a new standard for Malaysia’s extended stay segment. It will offer Gold-Standard serviced residences comprising studios, one and two-bedroom units and luxurious penthouses.
Every apartment has a separate bedroom, a fully-equipped kitchen complete with dishwasher, cooking implements, cutlery, washer and dryer. Residents can also make use of its all-day dining outlet, meeting and function rooms, state-of-the-art fitness centre as well as an inviting playroom for children. “Our ties with YNH are greatly strengthened with our second major Kuala Lumpur project and reflects our vision of becoming a leading name in serviced apartments in Malaysia,” said Frasers Hospitality’s Chief Executive Officer, Mr Choe Peng Sum.
“It also underscores the commitment to Malaysia and our confidence in the long-term potential in this market,” he added. “As with our first project with YNH, we are confident that there is room for a premier international serviced residence brand in Malaysia, like ours.” “More than 80 percent of our guests are from Fortune 500 and Forbes’ list of companies and this will continue to form the majority of Frasers Hospitality’s guests.” Commenting on the development, Mr Choe said: “Frasers Hospitality’s serviced apartments are a boon for guests who enjoy the convenience of city living, yet at the same time desire some peaceful respite.”