Frasers continue to build on hospitality

Frasers Hospitality, a leading global serviced apartment operator, is expected to inject a large sum of funds into China by 2016 to launch 17 serviced apartment projects.

Choe Peng Sum, chief executive officer of Frasers Hospitality Pte Ltd, didn't give specific figures, but said Frasers Hospitality has invested $185 million in the China market since 2007.

This highlights the continued commitment to China's serviced apartment market following the completion of its first three-year plan from 2009 to 2012, Choe said on Wednesday in an exclusive interview with China Daily.

"China will continue to be a key growth area for Frasers which targets doubling its presence in the country within the next two years with an addition of 10 more properties to its portfolio," he said.

He said efforts will be made to strengthen its presence in Beijing, Shanghai, Guangzhou and Shenzhen as well as key second- and third-tier cities.

Frasers initiated a three-year plan in 2009 to complete 13 serviced apartment projects in China with a total of 3,300 suites available to customers, reinforcing its position in the Asian serviced apartment market.

It spent $135 million purchasing a property from COSCO Group to turn it into Fraser Suites Beijing which opened in 2010. Fraser Suites Guangzhou started operations in early June in the wake of Fraser Residence Shanghai which was re-launched in late May.

Committed to meeting the evolving needs of international travelers to China, Choe said, Frasers' current China portfolio of 13 properties, which includes a strong presence in the key cities of Shanghai, Beijing, Guangzhou and Shenzhen, will further increase by the end of 2013 with the addition of Fraser Place Tianjin, Modena Wuhan and Modena Wuxi.