SINGAPORE: Frasers Hospitality Pte Ltd, the hospitality arm of property group Frasers Centrepoint Ltd, is entering Malaysia and will provide technical and advisory services for YNH Property Bhd’s “Gold-Standard” serviced residence project in Kuala Lumpur.
In a statement on Wednesday, Frasers Hospitality said it had signed agreements to provide the services for Fraser Place Kuala Lumpur, which is slated for completion in a year.
Fraser Place will be part of a mixed development project, which comprises an office tower and a second tower with 217 studios, one-bedroom, two-bedroom and penthouse serviced residences. Fraser Place will be open to guests in the third quarter of 2009.
YNH executive chairman Datuk Dr Yu Kuan Chon said: “We are very happy to work together with Frasers Hospitality which will enhance our property’s value, image and reputation. Frasers Hospitality has built a reputation as one of the best international branded serviced residence management companies in the world.”
Frasers Hospitality chief executive officer Choe Peng Sum said: “Fraser Place offers fully-fitted luxury apartments with five-star-hotel-type service.”
Citing the Asian Development Bank, he said in spite of the economic woes in the US and its spillover to Asia, Malaysia’s real gross domestic product was expected to grow 5.7% in 2008 versus 5.8% in 2007.
Choe said Malaysia’s foreign direct investment (FDI) this year, according to the Malaysian Industrial Development Authority, was expected to surpass the RM33.4 billion recorded in 2007.
He said these indications meant a high number of business travellers on medium-term projects. “More than 80% of our guests are from Fortune 500 companies,” he said. “They come to Fraser because we offer Gold-Standard hotel-type services and ample living space, ideal for stays of a week and longer.”
Singapore-based Frasers Centrepoint is a wholly owned subsidiary of Fraser and Neave Ltd.
By The EDGE Malaysia
Friday, August 1, 2008
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