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FRASER TO MANAGE PROPERTIES IN FOUR CHINA CITIES Fraser's luxury serviced residences will open from 2004 to 2006
03 Sep 2003 - Singapore
SHANGHAI, September 3, 2003 – Fraser, the premier international serviced residence chain that has seen good success in Singapore, South Korea, the Philippines and the United Kingdom, will operate in the China market from 2004. Fraser Place Serviced Residences Shekou, Shenzhen, will open in May 2004. In addition, Fraser is working on projects in other key cities such as Shanghai, Beijing and Guangzhou, which will open between 2004 and 2006. “China and India are going to lead Asia’s growth till 2007 at least,” said Mr Choe Peng Sum, Fraser’s Chief Operating Officer. “China is particularly attractive as it has many rapidly growing cities, strong inflow of foreign investments, increasing number of expatriates and an expanding population of local business executives.” In spite of the economic malaise around the globe, the Economist Intelligence Unit (EIU) forecasts that China will grow 7 per cent this year. Shanghai, China’s largest city, has attracted US$7 billion in foreign direct investment in the first seven months of 2003 alone, a leap of 39 per cent from last year. “Though there are still issues that foreign investors are concerned with, we are confident the Chinese government will effectively steer the economy on a path of continuous growth,” said Mr Choe. According to Jones Lang LaSalle, business travelers made up 24 percent of China’s foreign visitors in 2002, the largest group after vacationers. This is a huge potential market for serviced residences, which are aimed at business travelers staying for the medium term – anything from two weeks to two years. This huge potential market for serviced residences is expanding, as there is a growing trend for business travelers to choose serviced apartments over hotels for medium and long-term stay. “Hotels do not provide the living spaces needed for stays longer than a week. At Fraser, our smallest apartments comprise separate bedroom, living and dining room, as well as a fully-equipped kitchen and even a service yard complete with washer and dryer.” Fraser provides more than just rooms, offering customized living spaces. It can convert a room into a nursery, a home office, or an entertainment centre to meet guests’ various needs and tastes. Since many business executives on medium-term assignments travel with their families, all Fraser properties also provide activities for spouses and children, from tours to short courses and even community service. And to keep children learning through constructive play and interaction, Fraser launched the Kids’ Club in December 2002. “We constantly innovate to meet the unique needs of our guests,” said Mr Choe. Among its innovations, Fraser was the first to set up an experiential meeting facility. Called The Retreat, this facility combines spa comforts with health foods in a business meeting setting. In this way, companies using the facility for brainstorming will be able to get maximum effectiveness. Similarly, Fraser was the first to offer resort-style spa services with “capsule” treatments formulated so that busy executives could enjoy effective treatments in spite of busy schedules. Both initiatives have been successful in Singapore and will be replicated in other markets. As a result of its strong branded approach and competitive offerings, Fraser has continued to enjoy occupancy above the industry average. The Serviced Apartments Association in Singapore says that occupancy in this sector fell “from 80-95 per cent to 60-70 plus per cent” during the Severe Acute Respiratory Syndrome (SARS) outbreak. However, Fraser’s two flagship properties in Singapore maintained an occupancy rate of close to 80 per cent, outperforming other serviced residence players. “With its unique blend of home comfort, service level and facilities, we are confident that the Fraser brand will grow well in China and the international circuit.” For further press information, please contact Mr Jeffery Tsang at Asher Communications Pte Ltd. Tel: 65 6284 5333 Fax: 65 6285 3353 E-mail: