SINGAPORE - Frasers Hospitality Group will open a 223-unit serviced residence in the prime district of Minato-ku, Akasaka in Tokyo.
It will partner one of Japan's leading real estate developer Sekisui House to launch Frasers Suites Tokyo, Frasers Hospitality said on Thursday (June 23).
The service residence will be re-developed from an existing four-storey commercial building to a 23-storey tower comprising 223 rooms.
"Globally we aim to have a presence in major key gateway cities, and our entrance into Tokyo brings us one step closer to this goal," said Frasers Hospitality chief executive Choe Peng Sum in the statement.
Mr Choe added that the firm hopes to continually increase its portfolio in central Japan.
Frasers Hospitality's global portfolio, including projects in the pipeline currently stands at 139 properties in more than 80 cities.
Fraser Suites Tokyo will offer a selection of studio apartments and one-bedroom units ranging from 35 to 60 square metres.
The firm said international design firm Hirsch Bedner Associates has been appointed interior designers of the upcoming serviced residence.
Mr Choe noted: "Fraser Suites Tokyo is slated to open in time for the 2020 Summer Olympics. Along with the government's plan to achieve its target of 40 million visitors by 2020, we will expect to see a rise in room rates against the backdrop of increasing demand."
He added that Tokyo has seen robust growth over the years and will continue to set itself as a key tourism, cultural and economic hub.