KUALA LUMPUR: Fraser Place Kuala Lumpur, a newly completed luxury serviced apartment project, expects its room occupancy to increase to 65 per cent as business travel picks up this year.

"The economy is sort of stabilising, with corporate travellers coming back to Malaysia for business," said Fraser Place General Manager, Shirley Lai.

"The apartment concept appeals to a growing segment of the corporate market in Malaysia. Businessmen who arrive for an extended stay, want the flexibility of a serviced residence concept, with all the luxury of a private residence," she added.

Fraser Place Kuala Lumpur's soft opening was on Dec 1 last year. "It has a 22 per cent occupancy rate at the moment," said Lai in an interview.Touted as the country's first ever Gold Standard Service Residence it comprises 216 studios, one-and-two bedroom serviced residences as well as penthouses. It is expected to be fully ready with all facilities in April this year.

Most of the guests who stay at the apartments are expatriates from the United States, Australia and the South East Asian region. Located in the Golden Triangle, Fraser Place Kuala Lumpur is also within walking distance of the Petronas Twin Towers.

Designed for short and extended stays, the serviced residence facilities includes, an infinity sky pool for its guests.

Managed by Frasers Hospitality Pte Ltd, a Singapore based company, every apartment has a separate bedroom, a fully-equipped kitchen complete with cooking implements, cutlery, dishwasher as well as washer-dryer for clothes.

The company is also looking at its second mixed development property, namely the Fraser Residence in Kuala Lumpur. The ground breaking is expected to be in the second quarter of this year and completion by 2011-2012.

The Fraser brand already has a presence in Beijing, London, Paris, Seoul, Singapore, Sydney, Tokyo and Hong Kong.-- Bernama