Frasers Hospitality buys Dalian serviced residence for S$100m

Frasers Hospitality on Friday (Aug 21) announced the purchase of a serviced residence in the northeastern Chinese city of Dalian.

Frasers Hospitality, which is part of Singapore’s Frasers Centrepoint, said it will pay RMB481.37 million (S$100.29 million) for the 259-unit Fraser Suites Dalian that is scheduled to open in 2017. The property will be part of the mixed-use Europark Tower development comprising a 100,000 sqm lifestyle shopping mall, designer offices and luxury residential apartments.

The complex is located in the Donggang CBD and is within walking distance to Dalian Port and Davos Conference Centre.

Frasers Hospitality said the Dalian property is one of 16 that it will be adding to its China portfolio. “With a growth rate of 7 per cent per annum, one cannot ignore the strength of China’s position as the world’s second largest economy and a strong magnet for foreign direct investment,” Frasers Hospitality CEO Choe Peng Sum said in a statement.

Frasers Hospitality owns or manages hotels and serviced residences in Europe, the Middle East, Africa, Asia and Australia. Its global portfolio, including those in the pipeline, stands at 129 properties in 77 cities.

Source : Channel NewsAsia – 21 Aug 2015

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