The Bt1.5-billion Urbana Sathorn condominium-serviced apartment project recently opened its doors with an invitation to the media to sample its five-star services.

Called Fraser Suites, the rental property - situated in the financial district of Bangkok - is managed by top professionals from Singapore-based Fraser Properties, which is now a global player catering to businessmen and professionals.

Originally the 242-unit structure was to house 72 serviced apartments but after deliberation, the project owner decided to sign up Fraser to run 142 rental units in the 36-storey building.

Fraser Suites is a joint venture between the owner Siamphan Enterprise and operator, Fraser Properties, says general manager Christopher Bong.

The Siamphant-Fraser partnership also operates Fraser Place, another serviced apartments at Soi Lang Suan near Lumpini Park.

Bong says the Sathorn property aims to be a prestigious flagship property, servicing the city's business community.

A third Fraser site is being planned on Sukhumvit Road, near the Ambaassador Hotel. The project, to start later this year, will cater to tourists.

Fraser's Asia-Australia regional manager Augustine Silva, who attended the opening of the Sathorn site, said Thailand remains a core market for Fraser.

Silva, who was formerly based in Bangkok for some years with the Ascott group, is a long supporter of the local hospitality industry.

Despite the recent political hiccups, Fraser is confident Thailand will continue to lure global travellers as it offers value and good service.

"I have travelled a great deal and I have come to the conclusion that Thailand holds more opportunities for visitors than rival destinations, especially those in Europe," says Silva.

Bong agrees, saying the company is keen to expand into Asia's top commercial cities. A hotel veteran of three decades, he has served with big chains such as Holiday Inn and Mandarin Oriental.

Among his many postings, Bong says Tibet stands out, being one of the more remote and special places for visitors.

"A key mark of global hoteliers is their ability to manage and adapt to the places they are assigned and stationed," he says.

When asked about the political climate here, Bong says experience has taught him that people will eventually cope with new situations.

Bong recalls his posting in Surabaya, Indonesia, in 1998 when the rupiah suffered massive devaluation. "But after a few weeks, people simply adjusted and were no longer panicky. The same calm will return to Thailand."

Fraser Suites is now offering special promotions with daily rates starting from Bt3,850 for a 65-square-metre apartment.Monthly rates for these units will start from Bt63,000.

Serviced apartments are popular with long-staying guests, he says. "The difference between a serviced residence and luxury hotels is that over here, we provide guests with a place they would consider home."

The project has a sports complex that includes a large swimming pool, as well as basketball, squash and badminton courts.Launched in 1998, Fraser today runs its "Gold Standard" brand of serviced residences in London, Paris, Glasgow, Manila, Seoul, Shenzhen, Singapore and Sydney. New developments include Bahrain, Dubai, Nanjing and Tokyo.

Urbana Sathorn originally sold for Bt68,500 a square metre with a 65-square-metre unit selling for Bt4.5 million three years ago. Today speculators are trying to offload units at a wide mark-up of about 40-per-cent, asking for Bt100,000 a square metre or Bt6.7 million.

Itthi C Tan

The Nation