As part of its global expansion plans, Frasers Hospitality is to add around 5,000 serviced apartments under its Fraser brand over the next two years. Much of this expansion will be focused on growth in emerging economies of the Asia: China, India and Vietnam.
Currently, Frasers Hospitality has presence in major gateway cities of the world and has set its sights on embracing the world with over 81 properties in all major gateway cities over the next five years.
The company has set its sights on venturing into the emerging new economies of Asia to address the rapidly increasing demand for mid-to long-term accommodation.
It says countries like China, India and Vietnam are seeing an encouraging growth of inflow of Foreign Direct Investment (FDI) into the countries’ economy and are experiencing sustainable year-to-year Gross Domestic Product (GDP) growth. The influx of expatriates has driven demand for the extended-accommodation market, particularly in key cities where economic growth has been most evident. Frasers Hospitality has targeted new property launches in such cities and surrounding major transportation hubs, central business districts, and lifestyle and entertainment hubs.
Not limited only to Asia, Frasers Hospitality has also laid out plans in other major gateway cities to establish its brand presence including Edinburgh, Bahrain and Perth.
In recognition of China’s strong economic growth, Frasers Hospitality has aggressively prepared itself within the China market with twelve properties under its brand, three of which are located in the capital city Beijing and another three in the country’s economic and financial hub, Shanghai. Additional properties are strategically located in other top tier cities, namely Guangzhou and Shenzhen. The company is also focusing its efforts to expand in China’s growth cities, including Chengdu, Nanjing and Tianjin. This commitment includes strengthening its presence in Hong Kong.
In India, Frasers Hospitality has seven new properties scheduled to launch over the next three years. These new Fraser branded Gold-Standard serviced residences are situated near key technology cities across India in Gurgaon, Bangalore, Hyderabad and New Delhi. In addition to the current properties already in the pipeline, the company is also currently exploring establishing its presence in other key cities including Chennai, Mumbai and Kolkata.
Hot off the heels of the recent launch of Fraser Suites Hong Kong and Fraser Place howff Shinjuku, Tokyo, East Tower and West Tower, Frasers Hospitality has unveiled yet another Gold-Standard serviced residence in Vietnam - Fraser Suites Hanoi. The company is also slated to open a new property over the next year in Ho Chi Minh City. Vietnam is currently one of the fastest-growing economies in Asia with an average growth of 7.5% a year over the past decade.