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12 Oct 2005 - Seoul, South Korea
Named Fraser Place Central, the new property is expected to enjoy high occupancy following in the footsteps of Fraser Suites Insadong
Seoul, South Korea, 12 October 2005 – Fraser, the premier international serviced residence management company with gold standard residences in London, Paris, Glasgow, Seoul, Singapore, Shenzhen, Manila and Bangkok announced that it had signed a contract to manage its second property in Seoul, South Korea.
The contract was signed yesterday between Fraser’s Chief Operating Officer, Mr Choe Peng Sum, and DongSung Development Co.’s President, Mr Kim Joong-Ho. His Excellency Calvin Eu, Singapore Ambassador to Korea, witnessed the signing.
To be called Fraser Place Central, Seoul, the new property will add a further 235 apartments under the brand. Fraser already has 213 units in its existing property, Fraser Suites Insadong, Seoul that has won four brand and management awards this year alone.
“The recovery in the country’s economy, inflow of foreign direct investment (FDI), coupled with short supply of high-quality accommodation for business executives on short- to medium-term projects, makes for a very strong market for our brand of gold standard hospitality,” said Mr Choe. “Fraser Suites Insadong, Seoul has been running at well over 90 per cent occupancy.”
South Korea saw real GDP growth of 4.7 per cent in 2004. While this growth has tapered slightly in 2005 – to an expected 3.2 per cent – economists are confident it will accelerate again in 2006, to 4.3 per cent.
At the same time, the country is attracting foreign investments at a much higher clip. In 2004, FDI flowing into South Korea reached US$8.2 billion, more than double the US$3.5 billion in 2003, and the US$2.4 billion in 2002.
“Hotels provide limited space for extended stay which is anything longer than two weeks. At Fraser, we provide more than just rooms. We offer customised living spaces, like designing themed rooms for children; and programmes for spouses and children to make them feel more at home.”
Fraser Place Central is located in the KangBuk area, adjacent to the “embassy” district and west of the CBD zone that will appeal to expatriates seeking quality, high-standard serviced accommodation.
President of DongSung, Mr Kim Joong-Ho said: “Fraser was a natural choice for our company. Besides its strong branding, Fraser has an impeccable track record in Seoul. They were the first foreign brand to run a foreign-owned serviced residence project and they made a great success of it. Fraser has consistently maintained high occupancy and profitability.”
Due to open in the second quarter of 2006, this fully serviced residence project will have 235 spacious apartments, which will take up the 3rd to the 22nd floors of the building. Each unit will also be outfitted with everything the working expatriate needs in a home; including wireless broadband Internet connectivity, a state-of-the-art entertainment centre and a fully-fitted gourmet kitchen.
In line with Fraser’s gold standard offerings, Fraser Place Central will be the only other serviced residence in Seoul with its own indoor swimming pool, the other being Fraser Suites Insadong. There will be an extensively equipped fitness club with steam room and sauna facilities offering both hot and cold bath. There will also be a 360 sq metres all-day dining restaurant at the lobby, children’s playroom, residents’ library lounge and Fraser’s award-winning business and meeting facility, The Retreat.
DongSung Development Co. is one of the biggest Korean development companies and owns the 23-storey building with a total of 35,000 sq metres of floor area. DongSung also owns other high-profile properties including Namdaemoon Building at Jung-Gu and DongSung Building at Yeoido in Seoul.
Fraser is the brand of gold standard serviced residences developed and run by Fraser Serviced Residences Pte Ltd, a wholly owned subsidiary of Centrepoint Properties and the hospitality arm of the Fraser and Neave, Limited.