FRASERS Hospitality, which is exhibiting at ITB Asia, has underscored its intention to further develop a second brand, Modena, in Asia with the signing of an agreement to manage its first Modena property in Vietnam, the first outside China.
The 84-unit Modena Hanoi, scheduled for completion in 2011, is located just 5km from Hanoi international airport and close to the city’s major Quang Minh and Thang Long industrial zones.
“Vietnam is one of the fastest growing markets of Asia, driven by the country’s strong macroeconomic growth and rapid urbanisation,” said Choe Peng Sum, CEO Frasers Hospitality.
“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 per cent.”
According to market research, GDP growth was more than 10 per cent in 2009, significantly more than the national average of 6.16 per cent, and in the second quarter of this year alone, Hanoi saw 75 new foreign direct investment (FDI) projects worth more than $70 million.
Vietnam’s tourism sector also recorded strong growth with international arrivals increasing 31 per cent year-on-year from 2008 to 2009 and domestic travel into Hanoi up 33 per cent 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, Suzhou Ligongdi, Wuxi and Wuhan 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.
Frasers Hospitality 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.
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.
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