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Frasers Hospitality to launch Modena serviced residence in China's Changsha
THE hospitality arm of real estate developer Frasers Centrepoint Limited (FCL) will venture into the capital city of China's Hunan province late this year, it said in a Singapore Exchange filing put up by FCL on Thursday evening.
Frasers Hospitality said it would open a new 345-unit serviced residence, Modena by Fraser Changsha, in December 2016.
This marks its first foray into Changsha, one of the biggest cities in central China. The opening of the serviced residence there will follow on the heels of an upcoming launch of Modena by Fraser Bangkok in Thailand in August 2016, it added.
"Our entry into Changsha, the economic, political and cultural centre of Hunan, is of great significance to our growth strategy for China and puts us on track to achieve our goal of 30 properties in China by 2019," Frasers Hospitality chief executive officer Choe Peng Sum said in the statement. This target figure includes properties under management contracts.
Foreign direct investment in Changsha totalled US$3.9 billion in 2014, up 30 per cent from US$3.0 billion in 2013, the company noted.
Frasers Hospitality said that both the upcoming Bangkok and Changsha serviced residences would be launched under a refreshed "Modena by Fraser" brand intended to cater to "the socially-conscious lifestyles of corporate road warriors". The concept includes "healthy meals using fresh produce from local farmers' markets" and "activities supporting local cottage industries", it added.
Mr Choe said the new, "greener" brand was in line with the company's push for greater environmental awareness.