SINGAPORE - Mainboard-listed Frasers Property said that its Frasers Hospitality business has opened Fraser Place Binhai Tianjin - its second property in Tianjin - on Tuesday (June 12), as the property developer looks to double its footprint in China over the next few years.
Binhai Tianjin is located in the residential neighbourhood of Beacon Hill in the Tianjin Economic-Technological Development Area and offers 224 serviced residences, from studios to two-bedroom apartments. Its first property in Tianjin - Fraser Place Tianjin - opened in 2016 in the Nankai district.
Choe Peng Sum, chief executive officer of Frasers Hospitality, 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. It intends to double its portfolio in the next few years, with 16 new properties in the pipeline. This will see Frasers Hospitality increase its offerings in Chengdu, Nanjing, Shanghai and Wuhan, as well as expanding to other cities such as Nanchang and Haikou.
Mr Choe noted that Frasers Hospitality is leveraging the opportunities present in the ever-expanding domestic tourism market in China.
"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," Mr Choe said.
"In addition to entering new Chinese cities, we are also building on our presence in cities that we already operate in so that we may better provide travellers with more options that cater to their needs. 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 were trading at S$1.88 as at 1.14pm on Tuesday.