Frasers Hospitality opens second Tianjin property

Fraser Place Binhai Tianjin is in the residential neighbourhood of Beacon Hill in the Tianjin Economic-Technological Development Area and offers 224 serviced units, from studios to two-bedders.
Fraser Place Binhai Tianjin is in the residential neighbourhood of Beacon Hill in the Tianjin Economic-Technological Development Area and offers 224 serviced units, from studios to two-bedders.PHOTO: FRASERS PROPERTY

Frasers Hospitality opened a second property in the Chinese city of Tianjin yesterday as it looks to double its footprint in China over the next few years.

Fraser Place Binhai Tianjin is in the residential neighbourhood of Beacon Hill in the Tianjin Economic-Technological Development Area and offers 224 serviced units, from studios to two-bedders.

The firm's first property in Tianjin - Fraser Place Tianjin - opened in 2016 in the Nankai district.

Chief executive Choe Peng Sum said: "China is key to our future growth as it currently represents a quarter of our portfolio. The opening of Fraser Place Binhai Tianjin is significant as it underlines our ambitions to grow our presence in China.

"Our first property in the city has proven to be popular, having recorded an average occupancy that is upwards of 90 per cent. With this opening, our two properties in Tianjin will complement each other perfectly as they cater to both short-stay and long-stay business travellers as well as to luxury travellers."

Frasers Hospitality has 16 properties in 11 cities in China with 16 new ones in the pipeline.

This will see the firm increase its offerings in Chengdu, Nanjing, Shanghai and Wuhan, as well as expanding to other cities like Nanchang and Haikou.

Mr Choe noted: "China's huge population and rising consumption power coupled with its self-contained and self-sustaining economy make it an attractive market. The rise of Chinese millennials is also driving growth.

"Meeting varying and ever-evolving travellers' needs is central to our expansion strategy and we look forward to delivering the best guest experience for all our guests in China in the coming years."

Frasers Property shares closed down two cents to $1.86 yesterday after the announcement.

Navin Sregantan

A version of this article appeared in the print edition of The Straits Times on June 13, 2018, with the headline 'Frasers Hospitality opens second Tianjin property'. Print Edition | Subscribe