(1888PressRelease)
November 20, 2008 - BANGALORE - Skyline Group, Bangalore based builder of world-class luxury homes, today signed a Management Agreement with Frasers Hospitality, an International Hospitality Major, to make its foray into the hospitality sector. For construction leader, Skyline Group, this will be its first initiative in the Serviced Residence space and for Frasers, the hospitality arm of property group Frasers Centrepoint Limited, its first move in the Indian Market. The landmark signing was presided over by Singapore’s Minister for Finance, Mr Tharman Shanmugaratnam.
The agreement currently includes two projects in Bangalore, constructed by the Skyline Group and Managed by Frasers Hospitality which is a global serviced residence owner and management company with Gold-Standard residences. The serviced residences that will be constructed on Hosur Road and in Hebbal, will be branded ‘Fraser Place’ and ‘Fraser Residence Beverly Park’ respectively.
The Finance Minster, Mr. Shanmugaratnam, described the partnership as a symbol of the synergy and opportunities that exist between businesses in India and Singapore, even during the current economic turmoil.
Speaking on the occasion, Managing Director of the Skyline Group, Mr. Avinash Prabhu said, “Bangalore is India’s IT hub and a leading business metro. The city attracts business visitors from across the globe but suffers from a severe shortage of ‘5-Star quality accommodation’. We are confident that the Fraser brand of luxury serviced residences, which have built such a loyal following in Europe, Australia and Asia, will appeal to the business visitor, expatriate community, as well as well-heeled Indian businessmen and professionals on medium-term travel.”
Addressing the media on the tie-up, Mr. Choe Peng Sum, CEO of Frasers Hospitality remarked, “The Indian hospitality market is very short on high-quality branded accommodation and our partnership with the Skyline Group is an attempt to bridge the huge demand – supply mismatch that exists. When it came to choosing an Indian partner, Skyline was almost a natural choice given their track record in high quality construction and delivery standards coupled with their strong business fundamentals.”
Fraser Residence Beverly Park in Hebbal and Fraser Place on Hosur Road provides gold-standard facilities, with separate living room, dining room, fully-equipped kitchen, laundry facilities, etc. Each property will also have a comprehensive home entertainment system and broadband Internet access. In addition, residents will get to enjoy a full range of facilities, including all-day dining, business centre, swimming pools, fitness club and children’s playground.
“By the end of 2011 we will be targeting several properties in all the first tier cities in India with more than 700 residences,” says Mr. Choe. Besides Bangalore, Frasers’ footprint will be seen largely in New Delhi and also Hyderabad. “We are studying and actively pursuing other properties and developers in Chennai, Kolkata and Mumbai and in our next stage of development we will expand into secondary cities like Ahmedabad, Nagpur, Pune and Surat.”
Currently, Frasers Hospitality is present in metro cities across the globe; and has set its sights on further embracing the world with over 81 properties in all major gateway cities over the next five years. The Skyline Group while continuing its commitment to building world class homes has identified the Hospitality Sector as an area of focus in the coming years.
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