Modena by Fraser has launched its second Modena by Fraser property in China – it is the first Frasers Hospitality-branded and invested premium rental apartment (PRA) project in the company’s global portfolio.
The new 325-room Modena by Fraser Shenzhen, which occupies the first 16 floors of the Shennan 1001 tower, offers a range of apartment types along with a versatile hobby zone, a pickleball court, residents’ lounge, a pet-friendly establishment, and curated programme of neighbourhood walks.
As a PRA project, Modena by Fraser Shenzhen is designed to be “smaller” than other Frasers Hospitality-branded properties – studios dominate the room inventory, with fewer two- and three-bedroom units. Facilities are also geared more towards young working professionals, who are seeking urban long-stays.
The property is a 50-50 joint venture with real estate player Tishman Speyer.
Speaking to TTG Asia at the launch event for Modena by Fraser Shenzhen, Frasers Hospitality CEO Eu Chin Fen said the brand first debuted in China’s Suzhou in 2010. The Suzhou property functioned as a prototype to showcase the brand and perfect the product.
Eu recognised that Shenzhen is a relatively young city in China, as such, demand for quality rental housing among young professionals runs high in the city.
“Our eye is on the younger segment of discerning guests, people who do not have a family of their own yet and need flexibility and experiences,” Eu shared.
She believes that the Modena by Fraser brand fills a need in China, as “rental housing run by local Chinese operators is fragmented”.
“People want properties that are centrally managed by international brands. People are looking for reliable operators with credible standing. We are coming to fill this gap.”
Modena by Fraser Shenzhen soft-opened with 60 rooms last March, and moved into full operations five months later. Its average occupancy stands at 80 per cent, with 70 per cent of guests being on long-stay arrangements made by corporate accounts and relocation agents.
The property aims to eventually achieve a ratio of 80 corporate guests to 20 leisure guests.
Frasers Hospitality has prioritised expansion for the Modena portfolio in China – two properties are set to open in Dalian and Chengdu over the next 12 to 18 months.
Eu sees “a lot of potential in first-tier cities”, especially those with strong economic activities and intense foreign investments.
The company will also tweak existing Modena by Fraser properties around the world as it determines their suitability for a PRA repositioning.
A Frasers Hospitality spokesperson explained that tweaks could involve both hardware and “heartware” – the latter being curated programmes for residents.
