Service Apartments

Frasers signs agreements to manage 3 properties in India

Frasers Hospitality has signed agreements to manage its first three properties in India. The first is a 50-unit serviced residence which will open in June next year, near Bangalore's new international airport. The second is a 153-unit serviced residence near the Bangalore IT Park. Both properties are owned by the Skyline Group. Under a third contract, Frasers will manage 99 serviced apartments for the...

Frasers bullish despite crisis

IT LOOKS like being a business for all seasons. The global economic and financial turmoil has yet to have a major impact on Frasers Hospitality, the serviced apartments arm of Frasers Centrepoint, itself the property division of mainboard listed Fraser & Neave. The firm is certainly playing in the big league; its newest property in China - Fraser Suites Top Glory in Pudong - was formally opened...

Frasers remains bullish about prospects in China

Singapore's Frasers Hospitality, which manages serviced apartments, has launched its latest property in Shanghai. Despite the current global financial uncertainty, it remains bullish about its prospects. Frasers Suites Top Glory in Shanghai was opened by former US secretary of state, Henry Kissinger. The five-tower serviced apartments are located in the bustling Lujiazui central business district in...

For Frasers, the only way is up

Low costs and promising markets pave the way for expansion in Asia, Europe Property crisis or not, Frasers Hospitality is dead-set on rapid expansion, planning within the next 15 months to double the number of service apartments it owns and operates. The company, an offshoot of food and beverage mainboard-listed blue chip Fraser & Neave, is looking to set up its own procurement unit for central...

You’ve got … old mail

Ascott Raffles Place retains the old world charm of the former Asia Insurance Building, including its letters Lovingly preserved in the Ascott Group’s new serviced apartments in the former Asia Insurance Building at Finlayson Green, is a link with the age before email. It is the original mail chute from the 53-year-old building, which when the renovations were being carried out was found stuffed with...

A very stable yield in tough times

Serviced apartment operators have fared well It is an industry that went relatively unscathed through the Sars epidemic, despite the deserted airports and near-empty hotels. Even during those times, serviced apartments in Singapore, which cater primarily to expatriates, were able to maintain an occupancy rate of more than 70 per cent. While health scares may make merrymakers rethink their holiday plans...

CapitaLand sells Somerset Orchard

OLLOWING asset sales in China and Malaysia, CapitaLand yesterday said it has sold the Somerset Orchard serviced residence to OG Pte Ltd for $100 million in cash. The real estate group expects to book a gross gain of $43 million from the sale of the 88-unit block, which has acarrying value of $57 million. The property was owned by CapitaLand's serviced apartment subsidiary, the Ascott Group, which will...

Ascott sells Somerset Orchard serviced residence for S$100m

The Ascott group, wholly-owned by CapitaLand, has sold the 88-unit Somerset Orchard serviced residence for S$100 million. The sale to OG Private Limited translates to some S$1,530 per square foot. With a carrying value of S$57 million, CapitaLand is expected to recognise a gross gain of about S$43 million from the deal. After the sale, Ascott will continue to manage the serviced residence for 15 years,...

23-storey Fraser Suites opens in Beijing

Upping the swank factor While almost everybody else in China was glued to news about the Olympics, Singapore-based Frasers Hospitality yesterday opened its swankiest digs to date in the country, the 357-unit Fraser Suites CBD in Beijing, which cost US$135 million ($190 million). Singapore President S R Nathan, in the Chinese capital at the invitation of that country’s government to watch the Games,...

Modern comforts with a classic twist

Former office tower takes on new lease of life as an Ascott serviced residence PREVIOUSLY the tallest tower in South-east Asia, the former Asia Insurance Building overlooking Marina Bay is now enjoying a new lease of life as a premium serviced residence. The national heritage building was gazetted by the Urban Redevelopment Authority in April and has been caringly restored by The Ascott Group through a...

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