FRASERS Hospitality has announced its first serviced apartments in India’s capital, as it moves to entrench itself further in a market that it sees as having potential topped only by China.
The nine-storey, 90-unit Frasers Suites is close to central New Delhi as well as Noida, an industrial-residential town across the Uttar Pradesh state border. It is scheduled to open in October next year, in time for the Commonwealth Games in New Delhi.
Frasers’ involvement in the New Delhi property follows its debut in the Indian market last November with the announcement of three properties in Bangalore. With the latest announcement, the total number of Fraser-managed residences to be available in India within three years will be 585. Fraser Suites New Delhi is being developed by India’s IFCI Infrastructure Development.
The deal with IFCI underscores the Singapore company’s bullish approach to the Indian market, where the government expects the economy to return to 9per cent growth by year-end.
‘We hope to catch the updraft of the Indian economy which seems to have bottomed out,’ said chief executive Choe Peng Sum. ‘Five years from now, we also expect to be in Mumbai and Kolkata, by which time we would expect to be at 1,000 units.’
More properties managed by Frasers are scheduled to open in Gurgaon, on New Delhi’s western suburbs, and in Chennai by 2012.
There is a critical shortage of high-end serviced residences in India. There are just over 11,000 rooms in New Delhi as against the demand for about 35,000 guest rooms for the Commonwealth Games, said Mr Choe.
Source : Straits Times – 20 Aug 2009