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Frasers Hospitality invests S$250m in serviced residence in Tokyo's Ginza
FRASERS Hospitality, part of Frasers Property Group, is investing S$250 million to develop a new serviced residence in the Ginza district in Tokyo.
The property, to be launched under its millennial-focused hotel residence brand Capri by Fraser, is expected to open around 2020.
The 200-room serviced residence is a two-minute walk from the main shopping street of Chuo-dori and a four-minute walk from Shimbashi station. It will also be near the Shiodome City Center, home to the headquarters of companies such as Fujitsu and All Nippon Airways.
Frasers Hospitality chief executive Choe Peng Sum said the group expects a rise in visitors in Tokyo in the coming years, as the city is due to host global events such as the 2020 Summer Olympics.
"Frasers Hospitality is no stranger to the Japanese market," he said, noting that the Fraser Residence Nankai opened in Osaka in 2010.
"The country continues to be a priority market for us and we are looking to extend our footprint, not just in Tokyo, but also other key cities in Japan."
The property will complement Frasers Suites Akasaka, which is scheduled to open in the same year.
Mr Choe added that hotels in Tokyo are doing "extremely well", with occupancy rates at over 85 per cent in the first half of last year.
Frasers Hospitality has 145 properties in over 80 cities in its portfolio, including those in the pipeline.