Slow market not enough to beat serviced residences.

(From BusinessWorld (Philippines))

Byline: Leotes Marie T. Lugo

Entering a slow growing market dominated by established names is no easy task, but Fraser Serviced Residences Philippines, Inc. has so far survived the competition.

"Overall, notwithstanding the softness of the market, which has prevailed since the time we opened, business has been good. I wouldn't say it's fantastic but it has surpassed expectations even in the last six months of last year," Fraser Place Serviced Residences Forbes Tower Manila general manager Carlo Gomez told BusinessWorld in an interview.

Fraser Place, a twin-tower structure with 150 serviced residences in the country's premiere business district, opened in May 2002 but only started accepting paying guests in July. It is the first project of management company Fraser Serviced Residences Philippines, Inc., a subsidiary of Singapore-based Fraser Serviced Residences Pte. Ltd.

Mr. Gomez said Fraser believed in the …