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Ascott aims for higher earnings
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Singapore (2010-08-03)
THE ASCOTT Limited is targeting to grow its global portfolio to 40,000 service apartment units from the current 26,000 by 2015.
Ascott CEO, Lim Ming Yan, said: “Our strategy is to extend Ascott's dominance in key cities in Asia-Pacific and Europe through investments and management contracts. Looking ahead, we hope...to contribute up to 20 per cent of CapitaLand's earnings.”
Ascott is a wholly-owned subsidiary of Singapore-based CapitaLand.
The group, which operates three brands - Ascott, Somerset and Citadines - will also invest S$50 million (US$36.9 million) to refurbish more than 10 properties in Asia and Europe in the next 12 months.
The group has just expanded its portfolio with four Ascott properties in Ningbo, Hangzhou, Suzhou and Guangzhou, which will open by 2015, and the conversion of its 51-unit Citadines Paris Louvre into Ascott Louvre Paris, which will be completed in 2011.
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