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28/01/2011 - The Ascott backs Europe and Asia  28/01/2011 - The Ascott backs Europe and Asia

28/01/2011 - The Ascott backs Europe and Asia

The Ascott, one of the largest serviced residence companies in the world, has announced plans to invest in twelve new properties across Europe and Asia by the end of 2011.

The new properties are likely to be located in Shenzhen in China, Chennai in India and Doha in Qatar. The Ascott is also looking to increase its presence in Europe and management are eyeing locations such as Paris, France. They also aim to double their presence in China by 2015.

Singapore property developer CapitalLand, the parent company of The Ascott, has reserved a total of US$800 million (S$1 billion) for its expansion plans in 2011. Of this, The Ascott will invest US$54 million (S$70 million) to renovate sixteen residential properties across Europe and Asia.

CEO of The Ascott, Lim Ming Yan, commented; "A weak Euro has generated a lot of demand because it has become a lot cheaper for travellers to go to Europe. The exchange rate will obviously affect us but on the other hand the absolute value in the Euro term has gone up, so the two will compensate each other and on the whole, we expect that to be neutralised. All in all, I will say that at this point in time, with the euro devaluing, it gives us a lot more opportunities to look into new opportunities and new projects in Europe".

The Ascott are also planning to increase their residential properties in India, from 1,396 currently, to four thousand in the next five years.

"Although we have six projects [in India] under various stages of development, we haven't yet got operating properties so that, to me, is a very major untapped market. So we will want to do a lot more in India.” Lim added.

This year The Ascott plan to add a total of two to three thousand serviced apartments to their worldwide portfolio. This will increase the total number of serviced apartments under their management to twenty nine thousand.

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