FRASERS Hospitality kicked off its ambitious expansion plan of 25 new properties worldwide over the next two years with the opening of its 72-unit Fraser Residence Orchard in Singapore yesterday.
The new properties will open in destinations such as Suzhou, Chengdu, Jakarta, New Delhi, Doha, Istanbul and Budapest. They will add 4,300 units altogether to Frasers’ inventory, totaling 64 properties across 37 cities.
According to CEO Choe Peng Sum, China will take on the bulk of the new openings.
He also added that the Middle East holds “great potential” for the company. “Although people tend to see the Middle East as one destination, the problems in Bahrain did not affect the Dubai property. I expect the Doha property (opening this May) to do very well,” he said.
Although Fraser Suites Bahrain has been running at 40 per cent occupancy since the start of the political unrest, Fraser Suites Dubai has done well with occupancy in the high 80s, noted Choe.
With Thursday’s launch, Frasers now has four properties in Singapore. A new boutique brand, Modena, will also open here next year.
Fraser & Neave chairman Lee Hsien Yang said: “We believe Singapore is home and even as we grow our significant footprint and network abroad, we will not neglect our home market.”