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19 Jan 2004 - Singapore
Opening in September, Fraser Place Shekou is inaugural China property
Singapore, January 19, 2004 – Fraser, the premier international serviced residence chain with gold standard residences in Singapore, Seoul, Manila and London, has added its first Chinaproperty to its growing global network.
“China’s growth has been nothing short of phenomenal,” said Mr Choe Peng Sum, Fraser’s Chief Operating Officer. The project, Fraser Place Serviced Residence Shekou in Shenzhen, is scheduled to open in September. Besides Shenzhen, Fraser has plans to open in three other
“In 2003, a difficult year for everyone else, China registered a 8.5 per cent growth! We have set our sights on four key gateway cities here so far, but still more can be expected.”
Located in the heart of Shekou and adjacent to the financial district, Fraser Place Shekou comprises 232 units ranging from one-bedroom deluxe suites to four-bedroom penthouses. The new building will carry a full stock of services and facilities, including Spa services; jacuzzi,
The property was designed and built by Fraser under a technical contract for its owner, China Merchants Shekou Holdings, a conglomerate with banking, shipping and property interests.
“We are excited to work with Fraser on this project. Known for its high quality service and hospitality, Fraser will present an interesting dynamic for the development of the servicedresidence market here,” said a China Merchants Shekou Holdings spokeperson.
Following the completion of the technical contract, the contract to manage the property was signed on January 8 at Fraser Suites Rodamco Place, in Seoul, South Korea.
“China’s increasing prominence as the economic centre outside the United States and Europe has created a vast demand for high quality accommodation for business travellers. Fraser alignsitself with meeting these needs,” said Mr Choe.
Analysts are optimistic about the continued rapid development of China’s economy. China’s 8.5 per cent Gross Domestic Product (GDP) growth in 2003 was its biggest in six years, andeconomists at the Deutsche Bank in Hong Kong predict an 8.4 per cent growth this year.
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“Like our other serviced residence locations, Shenzhen, which straddles the South China Sea and the Pacific Ocean, and will soon connect to Hong Kong via a bridge, provides excellentopportunity for Fraser to thrive,” said Mr Choe.
A subsidiary of Centrepoint Properties Pte Ltd – the property arm of Fraser and Neave Ltd – Fraser aims to run more than 3,000 units in 14 gateway cities by 2006. Its aggressive expansion plans have been recognised and supported by Singapore’s Economic Development Board,
In spite of these rapid expansion plans, Mr Choe says its primary objective is to build the brand.
“We work hard to establish our brand, Fraser, as a provider of gold-standard service so that our guests have a home away from home.”