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Fraser Inks Deal For Serviced Residences In Bahrain
13 Sep 2005 - Manama, Bahrain

Second Middle East property signed in three months

Manama, Bahrain, 13 September 2005 – Singapore’s Minister of Transport Mr Yeo Cheow Tong, today witnessed the signing of Fraser’s second serviced residence project in the Middle East this year.

This agreement was signed between Fraser’s Chief Operating Officer Mr Choe Peng Sum, and Seef Properties’ Chief Executive Officer, Mr Paul de Nicola.

“Fraser is a good example of a Singapore-based company that has successfully built an international brand and taken it to the world stage,” said Mr Yeo, who is on a one-day official visit to Bahrain. “It has grown rapidly in Asia as well as Europe and I am pleased to see Fraser in the Middle East again three months after Singapore’s Senior Minister Goh Chok Tong presided over the signing of the Dubai project in May.”

“Bahrain is a key business gateway, and the banking and financial capital of the Middle East and features prominently in our expansion plans for the Gulf,” said Mr Choe. The Heritage Foundation/Wall Street Journal has ranked Bahrain to be the most economically free country in the Middle East and the fourth-most free economy in the world.

Not only is Bahrain very open to foreigners – 40 per cent of its population are foreign nationals – it is developing into a centre to attract more foreign direct investment (FDI) into the region.

“FDI results in expatriates on medium-term stays which translates into opportunity for branded serviced residences like Fraser which cater to this market,” said Mr Choe.

“With this huge potential, Fraser is planning to operate not just in Dubai and Bahrain but throughout the Middle-East. We are targeting to open six Fraser properties in as many locations,” said Mr Choe.

Fraser Suites Seef will be situated in the prestigious Seef District in the heart of Manama, capital of Bahrain. Its prime location in the Seef District, a business district and one of the fastest growing areas in Bahrain, will enable it to capture demand from companies in the Seef area and Bahrain Financial Harbour seeking quality, high-standard serviced accommodation solutions for their short- to medium-term visitors and families.

The serviced residence is conveniently located above the renowned Seef Mall where international names such as Marks & Spencer, Debenhams and BHS can be found. It is also situated opposite the Bahrain International Exhibition Centre (BIEC) that is host to standard setting exhibitions in the Middle East.

Seef Properties wanted to set a new benchmark in branded serviced apartment operations in Bahrain,” said Mr de Nicola. “Fraser came up clearly as the partner of choice with its vision of a purpose-built serviced residence made to Fraser specifications and international gold standard. We are also captured by the very distinct lifestyle offering that Fraser brings to the table that will differentiate the project from others in Bahrain.”

A mixed-used development that will be operational by April 2007, Fraser Suites Seef will have 91 spacious apartments and penthouses, which will take up the 8th to the 19th floors of the building. All units enjoy a view of Manama city or a panoramic ocean view overlooking the Arabian Gulf. 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 comprehensive kitchen as well as washer/dryer.

In line with Fraser’s gold standard offerings, Fraser Suites Seef will have a roof-top resort-style lap pool, extensively-equipped fitness centre with ocean view, all-day al-fresco café and an experiential business meeting facility called The Retreat. A Fraser Spa will also offer a full range of full body capsule treatments to herbal back wraps to bring a new level of comfort and luxury to executives and their families.

Seef Properties is the leading property development and management company in the Kingdom of Bahrain. It owns and manages various commercial properties including Seef Mall, the largest shopping and entertainment centre in the Kingdom.

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.

Annually, the properties under Fraser management combined represent a turnover of over

S$100 million.