Frasers unveils serviced residence in Tianjin, China

/ EdgeProp
June 13, 2018 5:31 PM SGT
Frasers Hospitality, part of the Frasers Property Group, has unveiled its second serviced residence in Tianjin, China.
Fraser Place Binhai Tianjin, targeting short and long-term business and luxury travellers, features 224 units, spanning studio to two-bedroom apartments. It is located in the Tianjin Economic-Technological Development Area, close to public transport nodes and TEDA MSD shopping centre.
Guests will be able to enjoy dining, wi-fi, and room service all day, and have access to facilities like a swimming pool, a gym and a bar. Business travellers will be able to use function rooms for meetings.
“China is key to our future growth as it currently represents a quarter of our portfolio,” said Choe Peng Sum, CEO of Frasers Hospitality. “In addition to entering new Chinese cities, we are also building on our presence in cities that we already operate in so that we may better provide travellers with more options that cater to their needs.”
Frasers’ first serviced apartment in Tianjin, called Fraser Place Tianjin, was opened in 2016. At present, it records an average occupancy upwards of 90%, according to Choe.
He attributes the demand in China’s market to the country’s huge population and rising consumption power. Chinese millennials are also driving growth, he notes.
To date, Frasers Hospitality has 16 properties in 11 cities in China: Beijing, Changsha, Chengdu, Dalian, Guangzhou, Nanjing, Shanghai, Shenzhen, Tianjin, Wuhan and Wuxi. It has another 16 properties in the pipeline in various Chinese cities.