Frasers Hospitality has signed a management contract for a gold standard serviced residence project in Hanoi, Vietnam, one of the fastest growing economies in North Asia.
Fraser Suites Hanoi is a modern sustainable 24-level tower on the shore of Westlake, the cultural, diplomatic and business heart of the Vietnamese capital. The property with 170 one- two- and three-bedroom apartments as well as penthouses, will open before the end of the year.
“The timing could not be better,” said Frasers’ Chief Executive Officer, Mr Choe Peng Sum. “Vietnam is hungry for growth and foreign companies are looking for good investment opportunities in North Asia outside China. As a result, foreign direct investment (FDI) is pouring in at a growing speed and the economy is just kicking into high gear.”
Every apartment at Fraser Suites Hanoi comes with a separate bedroom, a fully-equipped kitchen complete with cooking implements, cutlery dishwasher as well as washer-dryer for clothes. It also provides an all-day dining outlet, fitness centre as well as playground and playroom for children.
Vietnam?s economic growth forecast of 8% for 2007 is well above average for Asia (growth of 7.4% in 2004) and Southeast Asia (growth of 5.5% in 2005). Foreign investment is also flooding in. FDI is expected to hit US$13 billion this year, a 27% growth from US$10.2 billion in 2006. This is forecast to grow to US$14.5 billion in 2008. Hanoi is the second largest destination of these investments, after Ho Chi Minh City.
With this rapid growth and huge foreign investments coming in, visitor arrivals to Vietnam have been rising significantly. In the first nine months of this year, Vietnam received 3.17 million foreign visitors, up 18.5% from 2006. Visitor arrivals are forecast to double between 2006 and 2010 to 8 million.
Though Fraser Suites Hanoi is located just 20 minutes from the airport and 10 minutes from the city centre, it has a prime location that is surrounded by lush gardens, sweeping lawns and tranquil courtyards. Within a 3km radius of the property are several corporate offices of MNCs and embassies as well as local attractions including the Presidential Palace and Ho Chi Minh’s mausoleum.