Frasers Hospitality signs Serviced Residence in Kuala Lumpur

Frasers Hospitality has signed agreements to provide technical and advisory services for a Gold-Standard serviced residence project in the heart of Kuala Lumpur, Malaysia.

Fraser Place Kuala Lumpur, slated for completion in a year, will be a young vibrant hub for expatriates, located in the “golden triangle” of the Malaysian capital, where most international banks, oil and gas companies and multinationals are based. It will be within walking distance of the Petronas Twin Towers (KLCC) and Pavilion KL, the city’s largest retail mall.

Located at Lot 163 at Jalan Perak, Fraser Place Kuala Lumpur is owned by MYX-listed YNH Property Bhd, and will be part of a mixed development. The project comprises an office tower and a second tower with 217 studios, one-bedroom, two-bedroom and penthouse serviced residences.

Fraser Place Kuala Lumpur, which will be open to guests in the third quarter of 2009. Every apartment will have a separate bedroom, a fully-equipped kitchen complete with cooking implements, cutlery dishwasher as well as washer-dryer for clothes. Also, guests will be able to make use of its all-day dining outlet, meeting and function rooms, fitness centre as well as playground and playroom for children.

“Fraser Place offers fully-fitted luxury apartments with five-star-hotel-type service,” said Frasers’ Chief Executive Officer, Mr Choe Peng Sum. “It is ideal for expatriates working in Malaysia on medium term projects, as it provides comfort, all-day-dining and even facilities to meet the needs of accompanying spouses and families. Our offering is far ahead of a hotel which provides a suite at best.”

Despite the economic woes in the US and its spillover to Asia, the Asian Development Bank, a Manila-based multilateral institution, said it expects Malaysia’s gross domestic product to grow 5.7% in 2008. In 2007, Malaysia posted 5.8% growth.

Foreign direct investment, a good indicator of business health, is high. Malaysia's foreign direct investment (FDI) this year is expected to surpass the RM33.4 billion (US$10.4 billion) recorded in 2007, says the Malaysian Industrial Development Authority.

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