Frasers Hospitality signs Serviced Residences in New Delhi

Frasers Hospitality has signed a contract to manage its first Fraser Suites property in India’s capital, New Delhi.

Located close to Central Delhi, the nine-storey, 90-unit Fraser Suites New Delhi is scheduled to open in October next year.

The eco-friendly superstructure is based on the Vastu Energy Grid, aimed at optimising the use of solar energy for lighting, heating and electricity generation.

Situated in the Mayur Vihar area, it is part of a newly developed business hub comprising a mall, commercial offices and hotels with direct access to the Metro Station.

Amenities include a fully-equipped business centre, health club and spa, swimming pool with pool deck, outdoor whirlpool, a wellness bar, retail offerings, café and restaurant.

The signing brings the total number of Frasers-managed units to 585 in separate developments scheduled to open in India over the next three years. It underscores Frasers’ objective to achieve a target of more than 700 individual units under management contract by 2011, elevating India to Frasers’ second  largest market globally. Only China is expected to out-pace India’s rapid pace of development.

“Despite the impact of the global financial crisis on the real estate sector, there is still a critical shortage of high-end serviced residences accommodation. In New Delhi, there is a current inventory of just over 11,000 rooms as against the demand for about 35,000 guest rooms for the Commonwealth Games in 2010,” said Mr. Choe Peng Sum, Chief Executive Officer of Frasers Hospitality.

“As our Gold-Standard residences gain in popularity worldwide we look forward to making a significant contribution to upscale accommodation needs in India, particularly given the increase in business travellers to key cities throughout the country.”

All Frasers-branded properties provide five-star-type luxury combined with the space of an apartment. It comes with separate living and dining rooms and fully-equipped kitchen, complete with clothes washer and dryer.

In addition, residents can enjoy a full range of facilities, including all-day dining, a business centre, swimming pool and fitness club.

Fraser Suites New Delhi is being developed by IFCI Infrastructure Development Limited (IIDL) as an institutional endeavour. IIDL is a subsidiary of the first Development Financial Institute of the country that is IFCL, (formerly Industrial Finance Corporation of India) which has spearheaded commercial and industrial development throughout India.

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