Frasers adds 8th property to Jakarta portfolio

Singapore

FRASERS Hospitality, the hospitality arm of mainboard-listed Frasers Centrepoint Limited, on Monday launched its third serviced residence in the Indonesian capital of Jakarta.

Located along Jalan Karbela Selatan, Fraser Place Setiabudi is a "gold-standard" serviced residence towering 31 storeys above the central business district of Jakarta's Golden Triangle - a triangular area of business and commercial establishments.

The opening of the 151-unit serviced residence will bring Frasers Hospitality's Jakarta portfolio to a total of eight properties with over 1,300 units by 2019.

Choe Peng Sum, chief executive officer of Frasers Hospitality, said: "Indonesia is a key growth market for us and our confidence is reflected in the fact that more than 20 per cent of our South-east Asian properties are located in Jakarta."

The company's first two Jakarta properties - Fraser Residence Sudirman and Fraser Residence Menteng - have "continued to enjoy steady occupancies throughout the year", catering to long-staying residents, Mr Choe added.

With an expected trend of shorter - anything less than three days - and more frequent - at least twice a month - stays by business travellers, Frasers Hospitality's new properties in Jakarta will increasingly feature one- and two-bedroom apartments to cater to this demand, said the company.

Mr Choe told The Business Times: "We have a diversified portfolio of corporate clients, including officers from banks and embassies, and a good representation of Singaporeans, who are usually there for a longer period of time each time."

The company's global portfolio - including those in the pipeline - currently stands at 140 properties in 77 cities and over 22,500 keys worldwide.

On Monday, Frasers Hospitality Trust added 0.5 Singapore cents to close at S$0.775.