Frasers Opens First of Four Residences in Jakarta

Travel News Asia Latest Travel News Podcasts Videos Thursday, 2 June 2011

Frasers Hospitality has opened the Fraser Residence Sudirman, Jakarta.

The property is the first of four Fraser-branded Gold-standard Serviced Residences scheduled to open in the Indonesian capital over the next three years.

Each residence at Fraser Residence Sudirman, Jakarta, offers every modern convenience, including broadband Internet access; and state-of-the-art security including private lift with keycard access. The property also provides business centre services, 24-hour reception, concierge, centralised security, an Olympic-length swimming pool, hot and cold dip pools, fitness centre, steam and sauna, as well as tennis and squash courts.

Located in Jakartas Golden Triangle central business district, it offers easy access to offices, government departments, shopping malls, and medical facilities yet sanctuary from the hustle-and-bustle of the city.

Indonesia has very strong fundamentals and just unveiled an ambitious masterplan to turn its economy into one of the worlds 10 largest by 2030, said Mr Choe Peng Sum, Chief Executive Officer of Frasers Hospitality. Foreign direct investment, important in our business, jumped 52% to US$16.2 billion.

With this bullish outlook, Frasers Hospitality invested US$30 million in Fraser Residence Sudirman, Jakarta; and will open another three properties in the Indonesian capital over the next three years. This will add a further 500 serviced residences to the 108 currently.

Indonesias economy expanded in spite of the global recession of 2008/2009, and posted 6.1% growth in 2010. The Economist Intelligence Unit, the research arm of The Economist, forecasts that real GDP will grow 6.3% a year through 2015. Under the Economic Masterplan unveiled last week, the government laid out goals of annual growth of 7.5 to 9%, and a US4 trillion to US$4.5 trillion economy by 2025.

Jakarta alone has a population of over 8 million and Indonesia is aiming for 7.7 million tourist arrivals this year, yet there are fewer than 4,500 serviced residences, said Mr Choe. Serviced residences have enjoyed average occupancy of 80% while hotels have averaged 73%.

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