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Fraser Suites to open Sukhumvit location

Tuesday, 04 September 2007

The property developer Chaiyos Land Development Co Ltd tomorrow will open Fraser Suites Sukhumvit, a serviced apartment worth one billion baht, said managing director Rohit Sachdev. He said the company targeted to break even within eight years at expected occupancy rates of 65%, 80-85% and 90% respectively in the first three years while the internal rate of return was targeted at between 10% and 11% per year. ''Thailand's tourism industry remains strong, as it is one of the best tourist destinations in the world. With a clearer political situation, business outlook in the country will resume,'' he said. Fraser Suites Sukhumvit is located on Soi Sukhumvit 11, comprising 118 rooms at rates between 4,500 and 10,500 baht per night or 90,000 to 240,000 baht monthly for sizes ranging between 52 and 160 square metres. It is the third apartment managed by the Singapore-based serviced residence management firm Frasers Hospitality, following the 129-room Fraser Place Urbana Langsuan and the 142-room Fraser Suites Sathorn. The three serviced apartments have a combined value of about four to five billion baht. Chaiyos Land also has some plots of land in the Sukhumvit area, on Suksawad Road and in Lop Buri province. It plans to develop new serviced apartments on a one-rai site near its Sukhumvit project over the next two years. Set up in 2004, Chaiyos has registered capital of 400 million baht, with Fraser Suites Sukhumvit as its first project, said Mr Sachdev, who is the third generation of the Sachdev family. The company is a subsidiary of the 50-year-old holding firm MR Amarnath Group, a family-owned business that operates trading, textile, chemical, hospitality and property businesses. source: Bkk Post

 

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