Frasers Hospitality invests $250 mil in serviced residence at Ginza, Tokyo
By Angela Teo
/ EdgeProp |
On Feb 6, Frasers Hospitality, a member of Singapore-based real estate giant Frasers Property, announced that it has invested $250 million to develop a new serviced residence in Tokyo’s Ginza district.
Slated to open in 2020, the serviced residence will have close to 200 rooms and be the first Capri by Fraser-branded property in Japan. The brand targets millennial travellers.
Frasers Hospitality says it expects a rise in victors to Tokyo in the coming years, as the city is set to host the 2020 Summer Olympics.
Artist's impression of Capri by Fraser Ginza / Japan (Credit: Frasers Hospitality)
Tokyo Tower and Minato district of Tokyo, Japan (Photographer: Akio Kon/Bloomberg)
This brings Frasers Hospitality’ global portfolio, including those in the pipeline and those under management contracts, to more than 145 properties in over 80 cities, with close to 23,000 keys in total.
Located near the shopping street of Chuo-dori and Shimbashi station on the Ginza Line, the serviced residence will also be in proximity of the Shiodome City Centre, which has the headquarters of companies such as All Nippon Airways and Fujitsu.
Also opening in 2020 is the 223-unit Frasers Suites Akasaka, which Frasers Hospitality will jointly open with Japanese property developer Sekisui House. That sits within Minato-ku, Akasaka, in close proximity to foreign embassies and the official residence of the Prime Minister of Japan.
Choe Peng Sum, CEO at Frasers Hospitality comments, “Frasers Hospitality is no stranger to the Japanese market.” The hospitality operator opened a serviced residence – the 114-unit Frasers Residence Nankai, Osaka – in 2010. “The country continues to be a priority market for us and we are looking to extend our footprint not just in Tokyo but also in other key cities,” adds Choe.
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