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16 Sep 2010 - Vietnam
Frasers Hospitality Pte Ltd today underscored its intention to further develop a second brand, Modena, in Asia with the formal signing of an agreement to manage its first Modena property in Vietnam and the first outside China.
The 84-unit Modena Hanoi, scheduled for completion in 2011, is located just five kilometres away from the Hanoi international airport and in close proximity to the city’s major Quang Minh and Thang Long industrial zones which house more than 500 multinational corporations including Canon, Nippon Express and Sumitomo.
“Vietnam is one of the fastest growing markets of Asia, driven by the country’s strong macroeconomic growth and rapid urbanisation,” said Mr Choe Peng Sum, Chief Executive Officer, Frasers Hospitality Pte Ltd.
“Establishing Fraser Suites Hanoi in 2009 and now Modena Hanoi reflect our confidence in the strong potential of Hanoi’s serviced apartment market from both corporate and consumer viewpoints with current occupancy rates in the hospitality industry at 95 percent,” he added.
According to market research, GDP growth was more than ten percent in 2009, significantly more than the national average of 6.16 percent.
And in the second quarter this year alone, Hanoi saw 75 new Foreign Direct Investment (FDI) projects worth more than US$70 million.
Vietnam’s tourism sector also recorded strong growth with international arrivals increasing 31 percent year-on-year from 2008 to 2009 and domestic travel into Hanoi up 33 percent over the same period.
The Modena brand made its debut in China in January 2010 with the opening of the 104-unit Modena Tianjin, followed by Modena Putuo Shanghai which opened in May this year.
Another four China properties are on the drawing board – in Suzhou Jinjihu (2010, Q3), Suzhou Ligongdi (2011, Q1), Wuxi (2012, Q1), Wuhan (2012, Q4) - and are due to open within the next two years.
The Modena brand – which is positioned as a residence for a new breed of ‘road warrior’, business travellers who spend much of their time on the road – has another six properties on the drawing board in other Asian cities.
Modena Changi City, Singapore, which will be the brand’s flagship property with 313 units, is scheduled to open in 2012.
Reflecting a totally new and unique approach to the serviced residence segment, Modena provides all the modern conveniences to complement a hectic work/play lifestyle including
A similar standout feature is the ‘Soak Suite’, private hot tubs for guests to relax, watch a DVD or listen to favourite mp3 tracks in a pure, oxygen-charged environment.
“The vibrant, fast-growing business environment in Asia is ideal for the Modena brand as it caters specifically to the younger traveller striving to make a mark in today’s fast-moving business environment,” said Mr Choe.
“It is important to fully support their 24/7 lifestyle across-the-board, both in terms of high technology, and state-of-the-art lifestyle facilities, and the Modena brand perfectly addresses this demanding lifestyle, “ he added.
Frasers Hospitality Pte Ltd currently manages 35 properties – a total of 5,000 individual residences - in 21 cities worldwide. This year, the company’s portfolio increases by a further ten properties, eight under the Fraser brand and two under the new Modena brand. In total, the company makes its debut in ten new major cities – Budapest (Hungary), Doha (Qatar), Dubai (United Arab Emirates), Kuala Lumpur (Malaysia), New Delhi (India), Osaka (Japan), Bahrain (Middle East), Chengdu (China), Suzhou (China) and Tianjin (China).
With another 6,000 residences already on the drawing board, the company is on course to manage more than 10,600 individual residences by the end of 2012.