Frasers Hospitality, a wholly owned subsidiary of Fraser and Neave (F&N), has launched the 72-unit Frasers Residence Orchard, its fourth property in Singapore.
This property brings the company’s portfolio to nearly 6,000 service apartments — a step closer to its goal of over 10,600 by 2012.
Within this year, the company will launch 12 new properties in different countries such as China, Qatar, Turkey, India and Hungary. Meanwhile, 13 other properties will be launched in 2012.
Overall, about 4,600 service apartments will be added to the company’s inventory by next year.
“We are embarking on our most ambitious expansion phase,” said Choe Peng Sum, CEO of Frasers Hospitality.
Frasers Residence Orchard, formerly managed by The Ascott Ltd, is located at Mount Elizabeth Link, near Mount Elizabeth Hospital and Paragon Shopping Centre.
With a seven-year lease term, Frasers Hospitality spent S$6.5 million on refurbishments.