Frasers Hospitality, a member of Frasers Centrepoint Limited, is firmly on track to double its presence in China with the acquisition of a serviced residence property in the burgeoning city of Dalian for RMB481.37 million (S$100.29 million).
The gateway city to Northeast China, Dalian is a major port and centre for trade, industry, business and tourism. A leading city in the central government's programme, Dalian has attracted high levels of FDI, which in 2014 were US$12.47 billion . Ranked as one of the Top 10 Fastest Growing Cities of China based on a JLL research report, Dalian recorded a GDP of RMB 766 billion in 2014 .
Gearing towards its global target of 30,000 keys by 2018/19, the newly acquired serviced residence in Dalian is one of the 16 new properties that Frasers Hospitality will be adding in China, including those in the pipeline. This will bring its portfolio in China to 30 properties with over 7,000 keys. Adding to its existing portfolio in key established and emerging cities, the new properties, including those in the pipeline, will be located in Changsha, Dalian, Hefei, Nanchang, Shenzhen, Suzhou, Tianjin, Wuxi, Xiamen, Chengdu and Shanghai.
Mr Choe Peng Sum, Chief Executive Officer of Frasers Hospitality said: “With a growth rate of 7% per annum, one cannot ignore the strength of China’s position as the world’s second largest economy and a strong magnet for foreign direct investment.”
Investing in Dalian, one of the country’s top 10 fastest growing cities is our investment in the future of China. The 16 new additions not only strengthen our network in China but also place us strategically in the country’s most thriving cities.”
World-renowned designers Hirsch Bedner Associates have been appointed to design the 259-unit “Fraser Suites Dalian”. Ranging from contemporary studios to luxurious three bedroom apartments, each residence will feature living, dining, and bedroom areas furnished with high quality fittings. The property will also provide facilities including gym, swimming pool, conference and meeting spaces. It is scheduled to open in 2017.
It is part of the mixed-use Europark Tower development comprising a 100,000sqm lifestyle shopping mall, designer offices and luxury residential apartments and is located in the heart of Donggang CBD within walking distance to Dalian Port and Davos Conference Centre.
Frasers Hospitality’s China expansion strategy is in line with its vision to be the leading global hospitality group known for its continuous innovation and intuitive service to anticipate and exceed the evolving expectations of international travellers. It first launched its hospitality operations in China with the opening of Fraser Place Shekou Shenzhen in 2004 and currently has operational serviced residences in Beijing, Chengdu, Guangzhou, Nanjing, Shanghai, Shenzhen, Suzhou, Tianjin, Wuxi and Wuhan.
Frasers Hospitality’s global portfolio, including those in the pipeline, stands at 129 properties in 77 cities and more than 21,000 keys worldwide.