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Vietnam, the First of Modena Brand Outside of China
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News for the Hospitality Executive |
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Singapore, September 16, 2010: Frasers Hospitality Pte Ltd today underscored its intention to further develop a second brand, Modena, in Asia with the formal signing of an agreement to manage its first Modena property in Vietnam and the first outside China. The 84-unit Modena Hanoi, scheduled for completion in 2011, is located just five kilometres away from the Hanoi international airport and in close proximity to the city’s major Quang Minh and Thang Long industrial zones which house more than 500 multinational corporations including Canon, Nippon Express and Sumitomo. “Vietnam is one of the fastest growing markets of Asia, driven by the country’s strong macroeconomic growth and rapid urbanisation,” said Mr Choe Peng Sum, Chief Executive Officer, Frasers Hospitality Pte Ltd. “Establishing Fraser Suites Hanoi in 2009, and now Modena Hanoi, reflects our confidence in the strong potential of Hanoi’s serviced apartment market from both corporate and consumer viewpoints with current occupancy rates in the hospitality industry at 95 percent,” he added. According to market research, GDP growth was more than ten percent in 2009, significantly more than the national average of 6.16 percent. And in the second quarter this year alone, Hanoi saw 75 new Foreign Direct Investment (FDI) projects worth more than US$70 million. Vietnam’s tourism sector also recorded strong growth with international arrivals increasing 31 percent year-on-year from 2008 to 2009 and domestic travel into Hanoi up 33 percent over the same period. The Modena brand made its debut in China in January 2010 with the opening of the 104-unit Modena Tianjin, followed by Modena Putuo Shanghai which opened in May this year. Another four China properties are on the drawing board – in Suzhou Jinjihu (2010, Q3), Suzhou Ligongdi (2011, Q1), Wuxi (2012, Q1), Wuhan (2012, Q4) - and are due to open within the next two years. The Modena brand – which is positioned as a residence for a new breed of ‘road warrior’, business travellers who spend much of their time on the road – has another six properties on the drawing board in other Asian cities. Modena Changi City, Singapore, which will be the brand’s flagship property with 313 units, is scheduled to open in 2012. Reflecting a totally new and unique approach to the serviced residence segment, Modena provides all the modern conveniences to complement a hectic work/play lifestyle including a delicatessen-cum-grocery for grab-and–go convenience, iPod docking station and laundromat offering hi-speed internet access. A similar standout feature is the ‘Soak Suite’, private hot tubs for guests to relax, watch a DVD or listen to favourite mp3 tracks in a pure, oxygen-charged environment. “The vibrant, fast-growing business environment in Asia is ideal for the Modena brand as it caters specifically to the younger traveller striving to make a mark in today’s fast-moving business environment,” said Mr Choe. “It is important to fully support their 24/7 lifestyle across-the-board, both in terms of high technology, and state-of-the-art lifestyle facilities, and the Modena brand perfectly addresses this demanding lifestyle, “ he added. Frasers Hospitality Pte Ltd currently manages 35 properties – a total of 5,000 individual residences - in 21 cities worldwide. This year, the company’s portfolio increases by a further ten properties, eight under the Fraser brand and two under the new Modena brand. In total, the company makes its debut in ten new major cities – Budapest (Hungary), Doha (Qatar), Dubai (United Arab Emirates), Kuala Lumpur (Malaysia), New Delhi (India), Osaka (Japan), Bahrain (Middle East), Chengdu (China), Suzhou (China) and Tianjin (China). With another 6,000 residences already on the drawing board, the company is on course to manage more than 10,600 individual residences by the end of 2012. About Modena Modena was established as a brand under the Frasers Hospitality umbrella in July 2009 to address the emerging ‘road warrior’, the professional who spends the majority of his or her time travelling, whose business and leisure hours have merged into one, creating the need for a style of serviced residences that specifically focus on their lifestyle needs. About Frasers Hospitality Pte Ltd Frasers Hospitality Pte Ltd, the hospitality arm of Frasers Centrepoint Limited, a wholly-owned subsidiary of Fraser and Neave, Limited, is a global serviced residence owner and management company with Gold-Standard residences across Europe, North Asia, Southeast Asia, Middle East and Australia. Frasers Hospitality Pte Ltd commits to “meeting the unique needs of the executive travellers through continuous innovation”, and providing its customers with the space, family and community away from home. Conceived with the lifestyle preferences of today’s discerning extended stay executive travellers in mind, Frasers Hospitality Pte Ltd has four brand offerings – Fraser Suites, Fraser Place, Fraser Residence and Fraser Resorts. A second brand, Modena, which targets the professional who spends the majority of his or her time travelling, was established under the Frasers Hospitality umbrella in July 2009. For more information on Frasers Hospitality Pte Ltd, please visit www.frasershospitality.com. About Frasers Centrepoint Limited Frasers Centrepoint, the fully-owned property arm of Singapore-listed consumer group Fraser and Neave, Limited, is one of Singapore’s top property companies, with total assets close to S$9 billion. To date, the company has a combined global land bank in excess of 30 million sq ft. From owning just a single shopping mall in 1983, Frasers Centrepoint has since grown to become an integrated real estate company with a portfolio of residential, commercial and serviced apartment properties spanning 13 countries across Asia, Australasia, Europe and the Middle-East. Its serviced residences management company, Frasers Hospitality, has award-winning gold-standard serviced residences in 19 gateway cities. Frasers Property, FCL’s international property arm, develops world-class projects in UK, Australia, New Zealand, China,Thailand and Vietnam. FCL’s listed entities comprise Frasers Centrepoint Trust (FCT, a retail trust), Frasers Commercial Trust (FCOT, an office/business space trust) and Frasers Property China Limited (FPCL). As a testament to its excellent service standards, best practices and support of the environment, the company is the proud recipient of numerous awards and accolades both locally and abroad. Website : www.fraserscentrepoint.com About Fraser and Neave, Limited Fraser and Neave, Limited (F&NL) is a leading Asia Pacific Consumer Group with expertise and prominent standing in the Food & Beverage, Property and Publishing & Printing industries. Leveraging its strengths in marketing and distribution; research and development; brands and financial management; as well as years of acquisition experience, F&NL provides key resources and sets strategic directions for its subsidiary companies across all three industries. Listed on the Singapore Stock Exchange, F&NL ranks as one of the most established and successful companies in the region with an impressive array of renowned brands that enjoy strong market leadership. It has shareholders’ funds of close to S$6 billion and total assets employed of over S$13 billion. F&NL is present in over 20 countries spanning Asia Pacific, Europe and the USA and employs about 18,000 people worldwide. For more information on F&NL, please visit www.fraserandneave.com. |
| Contact: Ms Jastina Balen Frasers Hospitality Pte Ltd T: 65 6415 0323 F: 65 6275 1478 E: [email protected] Ms Beth Kennedy T\PR Singapore T: 65 6421 0320 F: 65 6224 8983 E: [email protected] |