Ascott reveals key target markets and 40,000 apartment goal by 2015

CapitaLand subsidiary has ambitious global goals.

CapitaLand’s wholly-owned serviced residence unit, The Ascott Limited (Ascott), revealed its plans to extend its global footprint as it kicked off its 30th anniversary celebrations.

"Ascott’s focus this year is to seek investment opportunities in key markets where we have presence like Singapore, China, India, capital cities in Southeast Asia, Paris, London and key cities in Germany," said Mr Lee Chee Koon, Ascott’s Chief Executive Officer.

"We will also expand through management contracts and strategic alliances to achieve our target of 40,000 apartment units globally by 2015 and to strengthen Ascott’s position as the global serviced residence leader," he added.

Lee further unveiled Ascott's plan to spend another S$200 million to enhance 29 more properties by 2016. This is following the company's $100 million outlay to renovate 20 properties as part of its refurbishment programme which started in 2010.

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