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Press Releases

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Fraser Expands In Europe
03 May 2004 - Singapore

Fraser Suites Harmonie to open in the heart of Paris Business District

Singapore, (May 3, 2004) – Fraser Serviced Residences, the premier international serviced residence chain with gold standard residences throughout Asia, Europe, and Australia, hasplanted its roots in the centre of the French capital’s business district of La Défense.

Fraser Suites Harmonie, Paris La Défense is an exclusive serviced residence with 134 superblyappointed studio, one-bedroom and two-bedroom apartments spread over two wings of a 14- storey complex. Located in the heart of the French business centre, Fraser Suites Harmonie offers spectacular views of La Défense and the River Seine on either side. Inside, it offers a warm and revitalizing ambiance, coupled with trendy, contemporary design so guests can experience a sanctuary in the hustle-bustle of the city.

Fraser’s gold-standard services and impeccable track record in Europe won it the management contract for the property ahead of 13 other major international management companies.

“As one of the world’s key gateway cities, Paris is perfect for Fraser’s expansionary plans. We have secured an extremely prime location, which is well suited to Fraser continuing to meet the unique needs of our guests,” says Fraser Chief Operating Officer CHOE Peng Sum.

Growth forecasts in Europe and in France point toward an optimistic 1.7 per cent rise on average this year. Investment in commercial property in France topped €9.5 billion (S$19 billion) – with 25 per cent pumped into La Défense and the Western Business Districts – in 2003 in spite of slower overall economic performance.

Investment analysts Goldman Sachs reported end last year that Europe’s CEO Confidence Index posted solid gains – to a record 81.4 – from an already high level of 76.8 in July. In
another report, hotel investment analysts Jones Lang LaSalle awarded Paris top marks in its European Regional Economic Growth Index (E-REGI) and expects Paris to be one of Europe’s
strongest performing cities.

With three serviced residences in London – Fraser Suites Kensington, Fraser Place Chelsea and Fraser Place Canary Wharf – the Fraser brand has enjoyed good success in the demanding European market. with occupancy rates soaring above 90 per cent within just two years. Fraser has been named one of the best serviced residence operators in the United Kingdom.

With these achievements under its belt, Mr Choe is confident Fraser’s success will be replicated in Paris and the rest of Europe. “That Fraser has won such a large and prestigious property in one of the most competitive and demanding markets is a vote of confidence for our brand in Europe.” “Europe is a different model from Asia Pacific. There are higher expectations from a sophisticated, well-travelled customer segment as well as higher costs to deal with,” said Mr Choe. “But Fraser’s service quality and branding stands us apart from the competition, and we have consistently exceeded our guests’ expectations.”

With a clientele base that includes the like of ambassadors and top-level executives of some 75 per cent of Fortune 500 companies – and their families – Fraser’s inception in Paris is a triumph for gold-standard serviced residence providers with 5-star offerings that are scarce in the French market.

“La Défense is home to some 200,000 employees in 1,500 corporate offices. Guests at Fraser Suites Harmonie can expect to be treated to a plethora of activities: International trade fairs, exhibitions, concerts and theatrical performances as well as the convenience of numerous restaurants and shops are all within walking distance of the apartment,” said Mr Choe.

Spanning 3 million square meters of office space and 200,000 square meters of retail activity, La Défense in Paris houses 14 of the top 20 French companies and 20 of the world’s 50 largest companies.

With an estimated 500,000 people passing through the business district every day, Fraser Suites Harmonie, Paris La Défense is easily accessible to Coeur Transport – a special transport hub served by two train stations, a tram line, and 18 separate bus routes – as well as an efficient road network that links directly to all the highways.

A subsidiary of Centrepoint Properties Pte Ltd – the property arm of Fraser and Neave Ltd – Fraser Serviced Residences has pioneered several initiatives in its commitment to innovation in meeting the unique needs of its guests.

Fraser Suites Paris will feature a Business Lounge, which offers full broadband Internet access capabilities and a range of business services to ensure that residents are always connected and can work not far from home.

Innovations include The Retreat, the world’s first experiential meeting facility, which combines business meetings with relaxing massage treatments as well as health food for complete
optimization of brain activity. Other initiatives like Fraser Spa invites residents to enjoy a selection of “capsule” treatments in an outdoor resort setting and the Fraser Kids’ Club –
another first – brings cheer to young residents as well as other children in the community through a series of fun-filled activities.

Fraser will also open the doors to its new 232-unit Shenzhen property – Fraser Place Shekou – at the end of the year. Another 150-unit property in Sydney Australia has been planned to commence operation in 2005.