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06 Sep 2007 - Sydney, Australia
Frasers Hospitality opened its first golds tandard serviced residences in Australia on Wednesday.Designed by world-renowned British architects Foster and Partners, Fraser Suites Sydney is aniconic 42-level glass tower located in the heart of Sydney’s business, shopping and entertainment hub with a superb view of the Darling Harbour. The A$105million Fraser Suites Sydney is majority-owned by Frasers Hospitality.
Even as the new property opened, Frasers confirmed that construction plans are being finalised for a second development in Sydney Fraser Place Sydney and one in the Western Australia capital of Perth. Both are Greenfield projects and mixed-use developments; and both are owned by Frasers Property, the Australian property investment arm of Frasers Centrepoint Ltd, of which Frasers Hospitality is a wholly-owned subsidiary.
“We are very excited about the prospects in Australia,” said Mr Choe Peng Sum, Chief Executive Officer of Frasers Hospitality. “Australia has seen strong and steady economic growth over the last decade. It registered real GDP growth of about 3.5% last year and growth is forecast to continue at 3.25% per year to the end of the decade.”
Fraser Suites Sydney has 201 units ranging from studio,one and two-bedroom apartments and spectacular duplexpenthouses. Each comes with a fully-fitted kitchen,washing machine and dryer and customised living spaces.Every apartment is also equipped with broadband Internet,workstation as well as state-of-the-art flat screen TV andhome entertainment system.
The serviced residences is part of a mixed-use development called Lumiere at Regent Place which also has a 56-storey residential tower and a shopping mall slated to open in early 2008. It is conveniently situated in the historic Town Hall precinct and offers panoramic views of Darling Harbour, Sydney’s favourite waterfront dining and entertainment quarter.
Soft-opened late last year, Fraser Suites has been warmly welcomed by the market. “After just six months, our occupancy is already past 60% while the average occupancy for such a new project would be 30 to 40%”claimed Mr Choe.
With this strong reception of the Frasers brand, plans are going full throttle on the next two Australian developments.The second Sydney property is a 5.8 hectare plot just a 5-minute walk from the Central Railway Station.
The development will have 235,000 sqm of floor space:approximately 60% for residential apartments and 40%commercial and retail space.
The project in East Perth called Queens Riverside will be built in two stages, featuring 288 luxury apartments as wella s Fraser Suites Perth. It will also feature a food street,retail and commercial office space.