Frasers Hospitality Seals Agreement and Secures Foray into Shanghai
03 Oct 2006 - Shanghai, China
Frasers Hospitality’s Appointment to Manage Fraser Suites Top Glory, Shanghai Strengthens Company’s Foothold in China
Singapore, 3 October 2006 - Frasers Hospitality (Frasers), an international branded serviced residence management company with premier residences in major gateway cities worldwide, today announced the signing of an agreement to manage Fraser Suites Top Glory, Shanghai, thereby marking the company’s first steps into one of China’s most influential financial and commercial markets.
“Drawing strength from its strategic economic position within China, Shanghai is singled out by numerous multinational companies (MNCs) as a vital location for regional head offices. By the end of 2005, more than 120 MNCs received certification for their regional headquarters status. With China’s entry into the World Trade Organisation (WTO), foreign direct investment in Shanghai alone grew by 19% from 2004 to 2005. Shanghai is therefore, a crucial network link for Frasers in extending our global footprints,” said Mr Choe Peng Sum, Frasers’ Chief Operating Officer.
Fraser Suites Top Glory, Shanghai sits on a prime location in Shanghai’s Pudong New District, along the Huangpu River. Boasting of an unblocked view of the Bund and panoramic perspectives of the city, it is an exclusive residential retreat that is complete with the convenience of easy access to the Lujiazui financial and trade zone within which it is situated. Being Shanghai’s main business district, large banking and financial conglomerates congregate in this zone. In its vicinity are prominent district landmarks such as the Jinmao Building and the Oriental Pearl TV Tower. The Lujiazui MRT station is also a short distance away.
Aerial View of Fraser Suites Top Glory, Shanghai
The 317 well-appointed apartments are spacious, a luxury for accommodations located in the city of Shanghai where generous living spaces are fast becoming a rarity. Suite interiors are elegant and lavishly fitted with top-of-the line furnishings for a truly enriched experience. In catering to the unique needs of expatriates and extended-stay travellers and their families, residents at Fraser Suites Top Glory, Shanghai can also enjoy a broad range of in and outdoor recreational activities. Facilities such as an outdoor and indoor pool, steam and sauna room, Gym and aerobics room, tennis courts, driving range, children’s play area as well as garden areas with BBQ pits further add to the experience of home, while landscaped roof top walk ways complete the experience.
Commenting further on the significance of the agreement, Mr. Choe added, “We are pleased with our latest appointment that secures Frasers’ presence in Shanghai. It underscores the credibility of our expertise and more importantly, the international recognition of the Frasers brand, particularly in China, one of the world’s most watched emerging economic giant. We believe that Frasers is better poised to enhance our personalised and intuitive service to an international clientele of discerning and well-travelled executives.”
Shanghai is a buoyant market. It has been identified that the city’s rapid economic development is as a key growth driver for its economy and the exponential increase in expatriate population forecasted. In 2005, the city’s GDP was revised to RMB 914.4 billion, reflecting a 13.2% increase from 2004’s figure, while its population of expatriates and travellers registered an impressive 24.1% growth between 2004 and 2003, doubling the figures recorded for years before.
Fraser Suites Top Glory, Shanghai is scheduled to open in 2007.