Ascott Limited to nearly double portfolio by 2015

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Serviced apartment chain Ascott Limited hopes to nearly double its global portfolio by 2015.

The group has announced it five-year intention to increase its apartment units from 26,000 to 40,000 and is set to launch its first Ascott-branded property in France and second property in Europe, the Ascott Louvre Paris, in 2011.

Ascott has secured management contracts on four properties in China set to open in 2015 and offering 800 apartments.

“Ascott Residence Trust and Ascott China Fund are two strong platforms that will enable us to grow rapidly,” says Ascott’s CEO, Lim Ming Yan. “We are investing S$50m to refurbish over 10 properties in Asia and Europe.

Lim Ming Yan points to China, Vietnam, Singapore and India as key growth markets in Asia and in Europe France, Germany and the UK. “We will also seek opportunities in Spain, Italy, Switzerland, Turkey and the Eastern European countries,” he adds.

6 Aug 10

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