Frasers Hospitality Inks Deal for Landmark Suzhou Property
14 Apr 2009 - Suzhou
Suzhou, 14 April 2009 - Frasers Hospitality Pte Ltd today boosted its footprint in China with the formal signing of an agreement to manage a 456-unit luxury serviced residence development in Suzhou. A global serviced owner and management company with Gold-Standard residences worldwide, Frasers Hospitality is the hospitality arm of Frasers Centrepoint Limited, a wholly-owned subsidiary of Fraser and Neave, Limited.
Fraser Suites Suzhou will be the 13th property in its China portfolio.
The company manages a total of 1,703 units in Beijing, Shanghai, Shenzhen and Hong Kong and has another 1,554 currently in development.
The Fraser Suites Suzhou agreement was signed with Hong Kong’s main-board listed SPG Land (Holdings) and is part of the latter’s prestigious Sky Towers development which comprises the serviced apartment tower, and adjoining commercial and retail complexes.
Scheduled to open in the third quarter of 2011, Fraser Suites Suzhou is located in Suzhou Industrial Park’s Central Business District (CBD) and overlooks the picturesque Jin Ji Lake.
At a height of 49-storeys, it is set to become one of the iconic buildings on the city’s landscape.
“As the city grows in importance as a business hub in China, Fraser Suites Suzhou will address an increasingly sophisticated segment of the international and China corporate markets,” said Frasers Hospitality’s Chief Executive Officer, Mr Choe Peng Sum.
“It also establishes a significant new link in Frasers Hospitality’s network of luxury serviced apartments in the country.”
The mixed-use Sky Towers development design reflects a fusion of modern high-tech elements with the Suzhou’s ancient botanical garden culture and performing arts heritage.
“The partnership with Frasers Hospitality brings together two companies who share a common aim of providing a high quality product and service,” said Managing Director and CEO of SPG Land Group, Mr Stones Tse.
“Together I am confident that we will deliver one of the most desirable serviced residences in the city.”