Singapore: Frasers Hospitality has marked the 16th anniversary of the company’s foundation by revealing its growth plans are on track.
Frasers was launched in 1998 with 400
apartments in two properties. Today it has 15,500 units across 92
properties and says it plans to reach the 30,000 mark by
Chief executive officer Choe Peng Sum said: "It has been a challenging 16 years, with recession in 1998, the 9/11 crisis in 2001, SARS in 2003, and the Global Financial Crisis sparked off by the US subprime crisis and collapse of financial institution Lehman Brothers in 2008. But through it all, Frasers Hospitality grew at a compounded annual growth rate of 22 per cent."
"The toughest of these times was probably the global recession. We had started to expand in China and then the recession hit. We did a careful study and figured that the Chinese economy would grow even in those times, so we continued with our expansion unabated, and it has paid off," he added.
Frasers operates apartments across Asia, Australia, the Middle East and Europe. It operates five brands: Fraser Suites, Fraser Place, Fraser Residence, Modena by Fraser, and Capri by Fraser.