Frasers Centrepoint to open serviced residence in Putrajaya in 2019

SINGAPORE (Sept 2): Frasers Centrepoint Limited on Thursday announced that its hospitality arm, Frasers Hospitality Group, will open a 253-unit serviced residence in Putrajaya in 2019.

Fraser Residence Putrajaya will be its first gold-standard serviced residence in the federal administrative centre of Malaysia.

It is strategically located between Putrajaya and Cyberjaya, a fully integrated high-tech business district known as the “Silicon Valley” of Malaysia, where a growing number of multinational corporations have established their global offices.

Frasers Hospitality Group targets to increase its Malaysia portfolio to eight properties with more than 2,400 units by 2019, including those under management and others still in the pipeline.

“The addition of Fraser Residence Putrajaya to our portfolio places us in four prominent cities across Malaysia, which is one of Asia’s fastest-growing economies,” says Choe Peng Sum, CEO of Frasers Hospitality Group.

Under its Economic Transformation Programme, Malaysia plans to transform the Klang Valley into one of the world’s top investment destinations by attracting 10 multinational companies a year to establish its operations there.

“This will increase the demand for short to long-term serviced accommodation by foreign diplomats, expatriates, business executives and their families, and we will be well positioned to meet that need,” Choe says.

The Group commenced operations in Malaysia with the opening of Fraser Place Kuala Lumpur in 2010, followed by the opening of Capri by Fraser Kuala Lumpur in 2014. It then added its largest serviced residence, the 446-unit Fraser Residence Kuala Lumpur, in 2015.

The positive demand for its offerings in Malaysia is reflected in the steady occupancies of more than 85% across the properties.

As at 1.27pm, Frasers Centrepoint is trading 1.3% lower at S$1.495. — theedgemarkets.com.sg

Try out one of our super tools, the rental yield calculator, here.