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Thailand: Singapore-based Fraser Place Service Residences to open two new projects in Bangkok.
(From Thai Press Reports)
Section: Corporate News - Fraser Place Serviced Residences, a Singapore-based serviced apartment management firm, plans to open two new complexes in Bangkok next year - aiming for a 70% annual occupancy rate, the Bangkok Post reports.
Bangkok has a healthy serviced apartment market due to a balanced supply and demand, despite the fact hat there are many residences run by local and overseas operators, general manager Cheah Chin Kim said on Friday.
"We see the positive side of the Thai property market. It has potential and remains strong despite the bird flu," she said.
The company's parent firm, Fraser and Neave (F&N), which is also involved in property development, breweries, dairy products, publishing and printing, plans to launch a flagship complex in the Rama III area. The Rama III project is a joint venture with Krungthep Land, a subsidiary of the listed developer Property Perfect Plc. Fraser Place Serviced Residences Langsuan is owned by the local developer Siamphan Enterprise Plc, Ms Cheah said. Construction restarted in 2003 after being frozen since the economic crisis in 1997; work finished this month.
Of the apartments worth 1.92 billion baht, 140 are sold out, but 129 are available for rent. Sizes range from 45 square metres for a studio to 200 square metres for a four-bedroom penthouse.
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