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Press Releases

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Frasers Gains Market Ascendancy in Korea
12 Jul 2006 - Seoul, Korea

With Opening of Fraser Place Central Seoul, Frasers becomes the
biggest Serviced Residence brand in Seoul

Singapore, 12 July 2006 – With the opening of Fraser Place Central Seoul, situated in the prime embassy district of Kambuk, Frasers Serviced Residences (Frasers) today became the biggest Serviced Residence brand in Korea.

Fraser Place Central Seoul, Frasers’ second residence in Seoul, opened its doors to guests today. With the opening, Frasers now boasts almost 500 individual residences, all offering Gold Standard services and facilities. Frasers also leads the Korean market as being the only serviced residence to offer full serviced facilities including indoor swimming pools at both its residences. Frasers has long been acknowledged as setting the market standard in Korea following the success of Fraser Suites Insadong Seoul – Korea’s first international serviced residence. Since opening its doors in 2002, Frasers’ inaugural Korean residence has gathered many accolades, including Best Brand Hotels 2005, Luxury Service Residence (2005) -The Korea Times, Best Brand Awards, Serviced Residences, Worldwide (2005 & 2006) - The Korea Herald, Korea Quality Management Award (2005) - Seoul Economic Daily and Global Management Prize (2004 & 2005) - Herald Business Korea.

Owned by DSDL Co. Ltd (DSDL), Fraser Place Central Seoul is designed specifically for the long-stay resident with each apartment featuring everything the working expatriate needs in a home, from wireless broadband access to state-of-the-art entertainment centres and a fully-fitted gourmet kitchen.

Fraser Place Central Seoul offers the wide range of facilities that has justifiably given Frasers a market leadership position worldwide. These facilities that had gone beyond the "hardware’ has positioned Frasers as a truly warm and welcoming home. In addition to a heated indoor pool which offers year round leisure convenience, Fraser Place Central Seoul also feature a fitness club, including a de-stressing steam room and sauna, an electric bidet in every apartment, and a BBQ pit on its rooftop. Delivering added convenience to the business traveller is the award-winning Retreat facility, catering to meetings and intimate seminars.

Fraser Place Central Seoul also offers a collection of innovative, resident-centric services such as Fraser Friends which organise activities like Residents’ Night, and Fraser Kids’ Club which feature a dedicated play room for children of all ages, fully complemented by Frasers’ special blend of intuitive services.

Officiating at the ceremony, DSDL’s President, Mr Kim Jung-Soo noted, "There is no doubt that Frasers is quite simply the most qualified serviced residence experts in Korea, not only in terms of the luxury they offer, but also the service they provide. We are proud to appoint them to manage this development because of their respected brand name and the culture of excellence they bring to everything they do. Frasers is undisputedly the market leader, and as such, the logical choice for any premium serviced residence development".

With economic growth in a reinvigorated Korea expected to stand at 5% for 2006 and 4.5% for 2007, Fraser Place Central Seoul is expecting a high level of demand in its first year of operation, further cementing Frasers’ leadership position in the Korean market. Adding to the high level of demand will be Frasers’ reputation for excellence and their market leadership visibility. Commenting at the opening ceremony, Frasers’ Chief Operating Officer, Mr Choe Peng Sum said "With a great many international projects underway in Korea, there has been a high level of demand for international standard serviced residences – Fraser Place Central Seoul addresses this demand and fills existing gaps in the extended stay market".

Elaborating on Frasers’ future development plans, Mr Choe said: "Growth in Korea is now at its highest level since 2002, its per capita income has increased 42% since 2002, this bodes extremely well for the future as more and more international investors establish projects in Korea". He continued, "Demand for extended stay in Seoul is very high, particularly at the premium end of the market. At Frasers, we pride ourselves in meeting the needs of these discerning travellers and their families".

Other recent developments at Frasers include the launch of their second residence in Paris, and in Shenzhen and Bangkok, new developments in Bahrain and Dubai, and up to seven new Frasers residences in the Middle East. Frasers also expects to open a 202-apartment residence in Sydney in the 3rd quarter this year. On Frasers’ growth and future plans, Mr Choe commented, "The last few years have been very exciting for us, seeing the Frasers brand grow and establish itself in many key gateway cities. Today, Frasers enjoys an excellent reputation for its Gold Standard products & services. It brings to fruition the vision we had when we first launched Fraser Suites and Fraser Place Singapore eight years ago. We are excited about greater expansion plans that will allow us to extend our unique Frasers hospitality to our residents in every corner of the world."