Frasers Hospitality, a member of Frasers Centrepoint, is on track to double its presence in China with the acquisition of a serviced residence property in the burgeoning city of Dalian.
Frasers paid a total of S$100.29 million for the property.
The gateway city to Northeast China, Dalian is a major port and centre for trade, industry, business and tourism.
A leading city in the central government’s programme, Dalian has attracted high levels of FDI, which in 2014 were US$12.47 billion.
Gearing towards its global target of 30,000 keys by 2018/19, the newly acquired serviced residence in Dalian is one of the 16 new properties that Frasers Hospitality will be adding in China, including those in the pipeline.
This will bring its portfolio in China to 30 properties with over 7,000 keys.
Adding to its existing portfolio in key established and emerging cities, the new properties, including those in the pipeline, will be located in Changsha, Dalian, Hefei, Nanchang, Shenzhen, Suzhou, Tianjin, Wuxi, Xiamen, Chengdu and Shanghai.
Choe Peng Sum, chief executive, Frasers Hospitality said: “With a growth rate of seven per cent per annum, one cannot ignore the strength of China’s position as the world’s second largest economy and a strong magnet for foreign direct investment.”
Ranging from contemporary studios to luxurious three bedroom apartments, each residence will feature living, dining, and bedroom areas furnished with high quality fittings.
The property will also provide facilities including gym, swimming pool, conference and meeting spaces. It is scheduled to open in 2017.