Frasers to manage first New Delhi property in Oct 2010

FRASERS Hospitality will manage its first Fraser Suites property in India’s capital, New Delhi.

The hospitality arm of Frasers Centrepoint, which is a wholly owned subsidiary of Fraser and Neave, signed a contract yesterday to manage the nine-storey, 90-unit Fraser Suites New Delhi. Scheduled to open in October next year, it is strategically located close to central New Delhi.

The signing brings the total number of Frasers- managed units to 585 in separate developments scheduled to open in India over the next three years. It underscores Frasers’ objective of achieving more than 700 units under management contract by 2011, making India Frasers’ second largest market globally. Only China is expected to be bigger.

‘Despite the impact of the global financial crisis on the real estate sector, there is still a critical shortage of high-end serviced residences accommodation,’ said Choe Peng Sum, chief executive officer of Frasers Hospitality. ‘In New Delhi, there is a current inventory of just over 11,000 rooms as against the demand for about 35,000 guest rooms for the Commonwealth Games in 2010.’

All Frasers-branded properties provide five- star-type luxury combined with the space of an apartment, according to the group. Residents enjoy a full range of facilities, including all-day dining, a business centre, swimming pool and fitness club.

The eco-friendly Fraser Suites New Delhi will be situated in the Mayur Vihar area, part of a newly developed business hub comprising a mall, commercial offices and hotels with direct access to the metro station, and is conveniently accessible from key locations around the city. The project is being developed by IFCI Infrastructure Development Ltd.

Fraser Hospitality marked its debut in the India market with the announcement of three properties in Bangalore last November. Another two properties in New Delhi and Chennai are also slated to open by 2012.

The group’s portfolio across Europe, North Asia, South-east Asia, the Middle East and Australia includes more than 4,800 individual apartments. With another 4,000 apartments already on the drawing board, it is aiming to manage close to 10,000 units by the end of 2010.

Source : Business Times – 19 Aug 2009

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