Frasers Signs New Property in Shanghai

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. November 03, 2009

SINGAPORE, October 30, 2009 - Frasers Hospitality Pte Ltd (Frasers) today became the largest branded international operator of serviced residences in Shanghai with the signing of its new property Fraser Place Shanghai, underscoring the importance of China in the company's global expansion.

The signing today of the 23-storey property, adjacent to the famous Bund, takes the total number of residences under Frasers' portfolio in Shanghai alone to 1,271.

Together with their second brand, Modena, Frasers will manage a total number of 18 properties in China and further increase the company's dominance in the China market. The company currently operates 4,171 apartments in nine major cities in China - in Beijing, Chengdu, Guangzhou, Hong Kong, Nanjing, Shanghai, Shenzhen, Suzhou and Tianjin.

Fraser Place Shanghai sets new benchmarks for the Fraser Place brand. It takes the inspiration for its neo-classical architectural style from the buildings along the famous waterfront Bund.

The chic and contemporary interiors reinterpret Shanghai's golden era, combining the ultimate in relaxation and comfort for the discerning modern traveller. Facilities include a large state-of-the-art gymnasium, yoga and steam rooms, game rooms, pool table and an underground pool bathed in abundant natural sunlight. The lobby will be dominated by a nine-metre coffee bar by day which transforms into a wine bar by night. Speciality teas will also be available at the tea lounge located on the mezzanine floor. The 212-apartment property will also offer two exceptionally appointed four-bedroom penthouses featuring private outdoor heated pools, landscaped patios, comprehensive gyms, Jacuzzi and steam rooms and even a customised kid's playroom.

It is scheduled to open in June 2011 and, on completion, will give Frasers Hospitality a definitive presence in Shanghai's key business and entertainment districts.

The company's first city property, the 317-apartment Fraser Suites Shanghai opened in October 2008 and overlooks the Bund from the bustling Lujiazui location in the Central Business District (CBD), Pudong. The company's second property, the 30-storey Fraser residence Shanghai, opened in March this year with 278 residences, and is located in Luwan's Huaihai district. In addition, Frasers will also manage the 63-apartment Portman House, a unique conservation development located in the Heng Shan Road area, in the heart of Shanghai's French Concession.

Fraser Place Shanghai is being developed by China Resources Land (Shanghai) Ltd (CRL), the real estate arm of the China Resources Group. It is Frasers Hospitality's third collaboration with the Hong Kong-based conglomerate. Two other Fraser-collaborations include Fraser Suites Hong Kong and a new property coming up in Beijing.

Commenting on the partnership, Mr. Xie Ji, General Manager of China Resources Land said that the extension of business ties between the two companies was a reflection of the strong business they had already established in Hong Kong.

“This is the start of what promises to be yet another great partnership,” said Mr Xie.

Hosting the signing ceremony, Frasers Hospitality's Chief Executive Officer, Mr. Choe Peng Sum, said today's signing was an important step in further extending Frasers Hospitality's footprint across China.

“Our partnership with CRL has been, and will continue to be, an important catalyst to our continued growth,” added Mr Choe.

The guest-of-honour at today's signing ceremony was Singapore's Minister in the Prime Minister's office and Second Minister for Finance and Transport, Mrs. Lim Hwee Hua. Commenting on the development, she said Frasers Hospitality's rapid development in China was the result of a commitment to forging strong partnerships with local companies with shared common values.

"Both Frasers and China Resources Land bring excellent credentials to a partnership that will have lasting benefits to China in the form of top-class property development on one hand, and a dedication to providing service excellence on the other.

“This is a useful model for growth for Singapore companies who are interested in expanding into China. The partnership is also very timely, in view of Shanghai's constant demand for world-class serviced residences,” added Mrs Lim.

With the signing of Fraser Place Shanghai today, Frasers Hospitality Pte Limited has expanded its global footprint across North Asia, Southeast Asia, Europe, the Middle East and Australia to more than 5,000 individual residences. And with another 4,000 residences already on the drawing board, the company is on course to manage close to 10,000 residences by the end of 2012.

About Frasers Hospitality Pte Ltd Frasers Hospitality Pte Ltd, the hospitality arm of Frasers Centrepoint Limited, a wholly-owned subsidiary of Fraser and Neave, Limited, is a global serviced residence owner and management company with Gold-Standard residences across Europe, North Asia, Southeast Asia, Middle East and Australia.

Frasers Hospitality Pte Ltd commits to “meeting the unique needs of the executive travellers through continuous innovation”, and providing its customers with the space, family and community away from home. Conceived with the lifestyle preferences of today's discerning extended stay executive travellers in mind, Frasers Hospitality Pte Ltd has four brand offerings - Fraser Suites, Fraser Place, Fraser Residence and Fraser Resorts.

A second brand, Modena, which targets the professional who spends the majority of his or her time travelling, was established under the Frasers Hospitality umbrella in July 2009. For more information on Frasers Hospitality, please visit www.frasershospitality.com