Singapore’s Frasers set for Cambodia debut
Singapore’s Frasers set for Cambodia debut
Frasers Hospitality Pte Ltd, the hospitality arm of Singapore’s Frasers Property Group, is set to enter the Cambodian market with the 88-room Capri by Fraser, Phnom Penh in the capital slated to open in October.
Further down the road, the 78-room Capri by Fraser, City Centre Phnom Penh – located “a five minute drive” from its debut development – is scheduled to be completed in 2024, and the 200-room Fraser Residence Sen Sok, Phnom Penh is due to be finished in 2026, the company said in a press release.
Both Capri by Fraser properties “will have a mix of hotel rooms, studio apartments and one-bedroom units, designed to cater to transient business travellers and mid-level executives on extended stays”, the firm said.
“In the vicinity are banks, finance, real estate and pharmaceutical companies, as well as non-profit organisations. The properties are also within walking distance of government offices, embassies, popular malls,” and food and beverage outlets – such as Exchange Square and Sorya Centre Point, it noted.
“Fraser Residence Phnom Penh is in Sen Sok, an up-and-coming district on the northwest fringes of the city centre. Slated to accommodate expatriates on extended stays, the serviced apartment is part of an integrated development that includes a retail mall, medical centre and an office tower.
“It is also close to amenities such as international schools, malls and a golf course, and just a 15 minute drive to the central business district and industrial parks.
“As Cambodia plans its recovery from the pandemic, international businesses have expressed interest in growing their presence in the capital and tourists are earmarked to return. Prior to that, an estimated 60 per cent of international travellers visited Phnom Penh for business in 2019, with demand for long-stays driven by single expatriates and families.
“Cambodia is an attractive location, having one of the highest vaccination and booster rates globally and few border restrictions. A new airport, currently under construction in Phnom Penh, will support visitor arrivals, which saw year-on-year growth between 2010 and 2019.
“According to the master plan projections pre-pandemic, the new airport will be capable of handling 13 million passengers a year in the first phase, 30 million passengers in the second phase that is to be ready by 2030, and up to 50 million passengers in 2050 in the third phase,” it said.
Frasers Hospitality senior vice-president and head of Asia-Pacific Tonya Khong highlighted in the release that the capital has “evolved into a thriving and vibrant city” over the past decade.
“Coupled with a young, dynamic economy and strong pandemic recovery measures in Cambodia, we are excited to introduce our range of Frasers Hospitality brands to cater to different markets and offer the quality experiences we are known for,” she was quoted as saying.
The company opined that the regional outlook is looking more promising after the world’s largest free trade bloc, the Regional Comprehensive Economic Partnership (RCEP), entered into force on January 1. “Investors and analysts expect the trade deal to encourage more business activities and engagement across participating countries”, it said.
Khong added: “Our three properties will be operational in the next few years and ready to accommodate the return to travel, as well as the anticipated boost from regional events such as the 2023 Southeast Asian Games and the RCEP. Moving into Cambodia signals our long-term ambition to grow our presence in the country and Southeast Asia.”
The release said the Capri by Fraser brand aims to cater to an emerging breed of traveller who seeks to combine business and leisure travel, working remotely while exploring new destinations.
Frasers Property Ltd together with its subsidiaries, the Singapore-based and -listed Frasers Property Group is “a multi-national developer-owner-operator of real estate products and services across the property value chain”, it said, adding that the group has total assets of about S$40.3 billion (US$30 billion) as of September 30.
