Ravi Chandran
Frasers Hospitality, a member of Frasers Property Group, has officially opened the doors of Fraser Residence Orchard, Singapore, designed to accommodate the needs of both business and leisure travellers.
Its central location offers easy access to key commercial buildings, underground train systems, world-class medical facilities, as well as shopping malls along Singapore’s most renowned shopping street.
“The global workforce is undergoing a radical change with companies having an even greater need to deploy their talent around the world, increasing international assignment levels and overall talent mobility,” said Tonya Khong, Senior Vice President, Area General Manager (Southeast Asia & Australia).
“Singapore, as the top expatriates’ destination, is best placed to capitalise on this trend and we are pleased to be introducing our luxury serviced apartments, Fraser Residence Orchard, Singapore to complement the growth of this progressive global city,” she added.
Fraser Residence Orchard, Singapore will be a new addition to Frasers Hospitality’s existing portfolio of properties, bringing its total operating property count in Singapore to five.
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The fully-furnished Gold-Standard serviced residences provide a wide selection of apartments ranging from studio deluxe apartments ideal for executives travelling for business, to sleek and modern one-, two- or four-bedroom apartments that can comfortably accommodate long-staying families.
Every apartment features contemporary interior design complemented by coveted art pieces, ultra-luxe furniture, and modern conveniences essential for living in a dynamic city. Residents can also enjoy a comprehensive range of lifestyle facilities including outdoor pools, aqua gym, jacuzzi, steam rooms, and a fully-equipped gymnasium, or unwind at the sky garden.
In addition to the luxurious apartment offerings and its accompanying suite of amenities, residents will enjoy great accessibility and convenience, being a mere five-minute walk to the Orchard MRT station which sits on the train line towards the city-state’s business district. Attractions like Gardens by the Bay, ArtScience Museum, Chinatown, Clarke Quay, Singapore Botanic Gardens—a UNESCO world heritage site—and the Singapore Flyer can be easily accessed via the Orchard MRT station, enabling guests to immerse themselves in the city’s colourful culture with ease.
In addition to Fraser Residence Orchard, Singapore, Frasers Hospitality offers on its homeground a diverse portfolio comprising Fraser Suites Singapore; Fraser Place Robertson Walk, Singapore; Fraser Residence Singapore; Capri by Fraser, Changi City / Singapore and the upcoming Capri by Fraser, China Square / Singapore.
Frasers opening its Fraser Residence Orchard comes as a recent research report said the Millennials were moving towards communal living, or coliving, and that this is opening up opportunities for real estate developers and investors.
The research report by JLL said co-living offers an attractive opportunity to gain extra revenue from services and to be able to fit a larger number of rooms in a single building. Hotel owners have also been converting under performing hotels to co-living facilities.
In Singapore, affordable public housing is available to a large portion of the population and perhaps due to this, there is only a small portion of rental housing or co-living establishments. One of the key challenges faced by the co-living market in Singapore is the deeply entrenched home-ownership culture among Singaporeans which, coupled with the ability to unlock savings in Central Provident Fund’s Ordinary Account through property acquisition, has contributed to Singaporeans’ preference to buy rather than rent.
Despite this hurdle, the JLL research paper on coliving in Singapore said more players in Singapore could move into the owner-operator model soon following JTC Corporation’s move to put up a pilot Concept and Price Tender to build, own and operate a co-living development at Nepal Hill in onenorth. In Singapore, the more common form of co-living operation is the asset-light leased model.
It added that in Singapore, coliving space primarily appeals to millennial expatriates, and that demand was boosted by the rising number of single-household expats engaged on a contract basis or working on project assignments. It added that the one-stop services offered by co-living operators provide expatriates with an alternative accommodation option that is simpler than renting a conventional room and cheaper than renting a serviced apartment or hotel.
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Given the more than 1.6 million foreign population in Singapore (including permanent residents but excluding construction and foreign domestic workers), there is potential for growth for the coliving market in Singapore said the research report.
At present, some developments described as co-living are no more than upmarket dormitories for budget-conscious students, while others are just shared apartments with different branding. But from the property investor’s point of view, co-living offers an attractive opportunity to gain extra revenue from services and to be able to fit a larger number of rooms in a single building. Hotel owners have also been converting under performing hotels to co-living facilities.
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