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| Singapore's Frasers to manage IIDL's serviced apartments |
| Press Trust of India / New Delhi Aug 18, 2009, 17:25 IST |
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IFCI Infrastructure Development today signed a contract with Singapore's Frasers Hospitality to manage its serviced apartments property named Fraser Suites.
The nine storey, 90-unit property spread over one acre, is being developed by IIDL here and is scheduled to be completed by March-end 2010 and the management contract with Frasers to run the service apartments is for 10 years.
The contract for service apartments is the first for the international services residences owner in India. Frasers has lined up to manage 600 units 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," Frasers Hospitality CEO Choe Peng Sum said.
While Frasers has lined up projects in Chennai, Bangalore and Gurgaon also, IIDL, a unit of IFCI (formerly Industrial Finance Corp of India), with a land bank of 3.5 million square feet, have plans in other areas including housing.
Sum said, "Occupancies in hotels have taken a beating in the international market, but it's not the case in service apartments. In New Delhi, the shortage is even more apparent when you consider scenarios such as the demand for about 35,000 guest rooms for the Commonwealth Games in 2010 as against a current inventory of just over 11,000 rooms."
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