Frasers Hospitality opens in Jakarta

01 Jun 2011 – Jakarta, Indonesia

Frasers Hospitality opens in Jakarta
Plans for three more over three years

Located in the “Golden Triangle” central business district, Fraser Residence Sudirman, Jakarta was opened by Singapore Minister of State for Trade & Industry and National Development, Mr Lee Yi Shyan.

Singapore, 1 June, 2011:- Frasers Hospitality Pte Ltd today opened Fraser Residence Sudirman, Jakarta, the first of four Fraser-branded Gold-standard Serviced Residences in the Indonesian capital over the next three years.

“Indonesia has very strong fundamentals and just unveiled an ambitious masterplan to turn its economy into one of the world’s 10 largest by 2030,” says Mr Choe Peng Sum, Chief Executive Officer of Frasers Hospitality. “Foreign direct investment, important in our business, jumped 52 per cent to US$16.2 billion .” With this bullish outlook, Frasers Hospitality invested US$30 million in Fraser Residence Sudirman, Jakarta; and will open another three properties in the Indonesian capital over the next three years. This will add a further 500 exclusive serviced residences to the 108 currently.

Singapore’s Minister of State for Trade and Industry and National Development, Mr Lee Yi Shyan who was present to officiate the grand opening said: “Frasers is a great example of a Singapore company renewing its investments into the growing Indonesian economy.” Commenting further on how Singapore businesses take a strategic and long term view of the Indonesian economy, Mr. Lee added that “there are many win-win opportunities we can think of in further strengthening our strategic partnership”.

Indonesia’s economy expanded in spite of the global recession of 2008/2009, and posted 6.1 per cent growth in 2010. The Economist Intelligence Unit, the research arm of The Economist, forecasts that real GDP will grow 6.3 per cent a year through 2015. Under the Economic Masterplan unveiled last week, the government laid out goals of annual growth of 7.5 to 9 per cent, and a US4 trillion to US$4.5 trillion economy by 2025.

“Jakarta alone has a population of over 8 million and Indonesia is aiming for 7.7 million tourist arrivals this year, yet there are fewer than 4,500 serviced residences,” said Mr Choe. “Serviced residences have enjoyed average occupancy of 80 per cent while hotels have averaged 73 per cent .”

“Fraser Residence Sudirman, Jakarta is truly a unique proposition that would appeal to the busy executive and the family as it offers a prime location, high security and hotel-type services.” Fraser Residence Sudirman, Jakarta also offers flexible leases which is a boon for companies who send business executives on short- to medium-term project work.

Combining the best of both worlds of private home and Gold-Standard services, each residence at Fraser Residence Sudirman, Jakarta comes luxuriously and comprehensively furnished; offers every modern convenience including broadband Internet access; and state-of-the-art security including private lift with keycard access. As part of its Gold-Standard services, Fraser Residence Sudirman, Jakarta also provides business centre services, 24-hour reception, concierge, centralised security, an Olympic-length swimming pool, hot and cold dip pools, fitness centre, steam and sauna, as well as tennis and squash courts.

Located in Jakarta’s “Golden Triangle” central business district, it offers easy access to offices, government departments, shopping malls, and medical facilities yet sanctuary from the hustle-and-bustle of the city.

Worldwide, Frasers Hospitality will open 25 new properties with 4,300 serviced residences over the next two years. By the end of 2012, Frasers Hospitality will manage a total of 65 properties across 38 cities with 10,000 exclusive serviced residences

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