A: Korea is our key gateway to North Asia. Its location and infrastructure are important elements in making Korea a "spring board" to other countries. Therefore, when we had the opportunity to start our business here, some three years ago, we jumped into it.
Q: What is your company's strategic project in Korea
A: Our project in Seoul, the 213 unit, fully furnished Serviced Residences was opened in April 2004. Its location in Insadong makes it a convenient and ideal place to stay.
Q: How do you see cooperation prospect of related fields between Korea and Singapore in the coming years
A: Singapore and Korea are presently engaged in Free Trade Agreement (FTA) negotiations. They are now in the final stages and hopefully by the end of the year, this will be concluded. With the assistance of the FTA, there will be more benefits for both countries to do business. Singapore companies are always looking to expand to other cities, especially Seoul.
Q: Does your company have any plans to enlarge business in Korea this year
A: Fraser Suites Rodamco Place in Seoul opened its door for business in April 2002. In two years of operations, Fraser Suites Seoul has achieved occupancy above market expectation, with occupancy of 85 percent now. For the year 2004, Fraser Suites Seoul was awarded GLOBAL MANAGEMENT AWARD, BEST BRAND AWARD by Korea Times and BEST BRAND AWARD by Korea Herald. Armed with this success, we are aggressively looking towards expending our brand in Korea. We are presently in negotiation with several parties on expansion. Our target is to add another property by the end of 2005.
Q: Would you tell us about Fraser's corporate mission as well as middle and long term plans
A: Fraser's mission is to create alternatives that match the lifestyle needs of people requiring temporary accommodation. Based on this, our vision, "Fraser aims to be the premier global leader in the extended stay market through continuous innovations in answering the unique needs of every customer," underlines the collective drive within us to take the initiative as well as to respond quickly to guests' needs and wants. Recognizing the importance of personalized service, we train and instill in our staff the core values of responsiveness, ownership, commitment, innovativeness and teamwork, nurturing a culture of care and attentiveness in order to deliver superlative service to our customers. At the same time, we recognize that the needs and wants of guests change with time and circumstances. We are constantly upgrading our facilities and providing innovative services in order to gain and maintain their trust and loyalty.
Future Openings :
CHINA, SHENZHEN - In October 2004, Fraser will open its first property in China, with the opening of Fraser Place-Shenzhen. It is a 232 unit serviced residences located in Shekou, Shenzhen.
CHINA, SHANGHAI - In 4th quarter 2005, Fraser Place-Shenzhen, a 168 apartment property will open in Shin Tian Tee in Shanghai.
CHINA, BEIJING - Fraser Suites - Beijing is under construction and will open for business in 2006.
AUSTRALIA, SYDNEY - Fraser Suites - Sydney, a 200 units property in downtown Sydney, will be opened in end 2006.
Apart from the above, Fraser is currently focused on managing properties in other cities, such as in Bangkok, Tokyo, Beijing, India, Europe and the Middle East.
Fraser's target is to manage at least 3000 serviced apartment units over the next five years.
In our expansion plan, Fraser adopts a discerning approach in its choice of properties. Aside from the right location, high product and service quality is of utmost importance.
Following the success of our two flagship properties in Singapore, Fraser has been expanding aggressively, targeting key gateway cities in Asia and Europe. Properties in the Fraser portfolio, which are currently in operation, include:
* Fraser Suites - Singapore (251 apartments)
* Fraser Place - Singapore (163 apartments)
* Fraser Suites - Seoul (213 apartments)
* Fraser Place - Manila (148 apartments)
* Fraser Suites - Kensington, London (70 apartments)
* Fraser Place - Chelsea, London (30 apartments)
* Fraser Place - Canary Wharf, London (93 apartments)
* Fraser Suites - Harmonie, La Defense, Paris (134 apartments)