Frasers Hospitality Enters Malaysia with Prime KL Property
30 Jul 2008 - Malaysia, Kuala Lumpur
Fraser Place Kuala Lumpur will be a young vibrant hub for expatriates in the “golden triangle” and within walking distance of Petronas Twin Towers, Pavilion KL
SINGAPORE, 30 July 2008 – Frasers Hospitality Pte Ltd (Frasers), the hospitality arm of property group Frasers Centrepoint Limited, announced today that it has signed agreements to provide technical and advisory services for a Gold-Standard serviced residence project in the heart of Kuala Lumpur, Malaysia.
Fraser Place Kuala Lumpur, slated for completion in a year, will be a young vibrant hub for expatriates, located in the “golden triangle” of the Malaysian capital, where most international banks, oil and gas companies and multinationals are based. It will be within walking distance of the Petronas Twin Towers (KLCC) and Pavilion KL, the city’s largest retail mall.
Located at Lot 163 at Jalan Perak, Fraser Place Kuala Lumpur is owned by MYX-listed YNH Property Bhd, and will be part of a mixed development. The project comprises an office tower and a second tower with 217 studios, one-bedroom, two-bedroom and penthouse serviced residences.
The agreements were signed between Frasers and Kar Sin Bhd, a wholly-owned subsidiary of YNH. Executive Chairman of YNH, Dato’ Dr Yu Kuan Chon said the choice of the "Fraser" brand was in line with the company’s philosophy of quality developments. “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.”
Fraser Place Kuala Lumpur, which will be open to guests in the third quarter of 2009, will set a new standard for Malaysia’s extended stay segment. Every apartment has a separate bedroom, a fully-equipped kitchen complete with cooking implements, cutlery dishwasher as well as washer-dryer for clothes. Also, guests can make use of its all-day dining outlet, meeting and function rooms, fitness centre as well as playground and playroom for children.
“Fraser Place offers fully-fitted luxury apartments with five-star-hotel-type service,” explains Frasers’ Chief Executive Officer, Mr Choe Peng Sum. “It is ideal for expatriates working in Malaysia on medium term projects, as it provides comfort, all-day-dining and even facilities to meet the needs of accompanying spouses and families. Our offering is far ahead of a hotel which provides a suite at best.”
In this respect, the Malaysian market is ripe with opportunity for the "Fraser" brand, he says. In spite of the economic woes in the US and its spillover to Asia, the Asian Development Bank, a Manila-based multilateral institution, said it expects Malaysia’s gross domestic product to grow 5.7 per cent in 2008. In 2007, Malaysia posted 5.8 per cent growth.
Foreign direct investment, a good indicator of business health, is high. Malaysia's foreign direct investment (FDI) this year is expected to surpass the RM33.4 billion (US$10.4 billion) recorded in 2007, says the Malaysian Industrial Development Authority.
These indications mean high numbers of business travellers on medium-term projects, which makes up the bulk of Fraser’s guests. “More than 80 per cent of our guests are from Fortune 500 companies,” continued Mr Choe. “They come to Fraser because we offer Gold-Standard hotel-type services and ample living space, ideal for stays of a week and longer.”