Fraser brand will operate in Bangalore by mid 2009 and have seven properties in New Delhi and Hyderabad as well by end 2011
BANGALORE, INDIA - 19 November 2008 - Frasers Hospitality Pte Ltd (Frasers), the hospitality arm of property group Frasers Centrepoint Limited, today signed contracts to manage its first three properties in India. The landmark signing, presided by Singapore's Minister for Finance, Mr Tharman Shanmugaratnam, marks the entry of the Fraser brand into the world's second most populous nation.
Finance Minister Mr Shanmugaratnam described the signing as a silver lining at a time when the world is in economic crisis.
"Earlier on, we had identified India as a crucial location for the Fraser brand and we are pleased to have our first properties operating in Bangalore by June next year," says Mr Choe Peng Sum, CEO of Frasers Hospitality. "The Indian hospitality market currently lacks high-quality branded accommodation and there is a demand even with the current global economic situation."
June 2009 will see the opening of Fraser Residence Beverly Park, Bangalore, owned by the Skyline Group and managed by Frasers Hospitality. The property will have 40 Gold-Standard serviced residences and is located in the business district of the Hebbal sector, close to Bangalore's new International airport.
Skyline Group also signed another contract for Frasers Hospitality to manage its other Bangalore property. Slated for opening in 2011, Fraser Place Hosur Road, Bangalore will have 153 serviced residences and is located at Bangalore's "Electronic City" near the IT Park. "Bangalore is India's IT Hub," said Skyline's Group Managing Director Avinash Prabhu. "We are confident that the Fraser brand of luxury serviced apartments which has a loyal following in Europe, Australia and Asia, will appeal to the expatriate community here, as well as the well-heeled India businessmen and professionals in Bangalore on medium-term travel."
A contract for Frasers Hospitality to manage a third Bangalore property with the Minerva Group, is also signed. Fraser Place Whitefield, Bangalore will have 99 well appointed serviced residences located in the heart of the city's IT hub of Whitefield, a well connected and self contained suburb, home to many multinational companies. The property will also open in June 2009.
"By the end of 2011 we will be operating seven properties in all the first tier cities in India with more than 700 apartments," says Mr Choe. Besides Bangalore, Frasers' footprint will be seen largely in New Delhi and also Hyderabad. "We are studying and actively pursuing other properties and developers in Chennai, Kolkata and Mumbai and in our next stage of development we will expand into secondary cities like Ahmedabad, Nagpur, Pune and Surat."
India forecasts US$35 billion in foreign direct investment for its 2008-09 financial year, an increase of 42 per cent compared to US$24.57 billion in 2007-08. "Though these numbers will be impacted by the financial crisis, India will still see positive growth," said Mr Choe. This is impressive by global standards and India will still see demand for high-quality secure branded hospitality like Fraser especially among business travellers, our target market."
All Fraser-branded properties provide five-star-type luxury combined with the space of an apartment, with separate living room, dining room and fully-equipped kitchen complete with clothes washer and dryer. In addition, residents can enjoy a full range of facilities, including all-day dining, business centre, swimming pools, fitness club, children's playground and indoor playroom.
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