openPR Logo
Press release

The Ascott backs Europe and Asia

01-31-2011 12:03 PM CET | Industry, Real Estate & Construction

Press release from: Ocean Villas Group Pte. Ltd.

The Ascott backs Europe and Asia

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.

For further information... http://blog.oceanvillasgroup.com/the-ascott-backs-europe-and-asia/

Rebecca Smith
Ocean Villas Group - http://www.oceanvillasgroup.com
http://blog.oceanvillasgroup.com

Rebecca Smith
Ocean Villas Group - http://www.oceanvillasgroup.com
http://blog.oceanvillasgroup.com

Level 31,
6 Battery Road,
Raffles Place,
049909,
Singapore

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release The Ascott backs Europe and Asia here

News-ID: 160395 • Views: 1131

More Releases from Ocean Villas Group Pte. Ltd.

Vera Wang bags Steve Hermann property in Beverley Hills, Los Angeles
Celebrity New York fashion designer Vera Wang has splashed out US$9.2 million on a Steve Hermann designed property in Coldwater Canyon, Beverley Hills, Los Angeles. Hermann bought the 408m2 house in June 2008 for US$5 million. He spent the next two years completely redesigning and renovating the 1967 built property at a cost of US$3 million. Two new bedrooms were added. The ceilings were raised to a height of 3.6 metres. The
Asia Pacific worlds cheapest for building property
The Annual Construction Cost Comparison Report by EC Harris Research has revealed that countries throughout the Asia Pacific region have significantly lower building costs than their counterparts in The West, despite experiencing substantial economic growth. Now in its seventh year, the report compares building costs per square metre in fifty six countries worldwide against construction costs in the South of England. India and Sri Lanka have the lowest construction costs in the
Jade Jagger puts Spanish property up for sale
Spain: The daughter of Rolling Stones frontman Mick Jagger, Jade Jagger, has put her Spanish property up for sale. The seventeenth century farmhouse is located on the North West Coast of the Balearic Island of Ibiza near the village of Sant Joan de Labritja. Dubbed by Jagger as her own “private paradise”, the Spanish property sits on top of a mountain overlooking the Mediterranean Sea. And from its secluded location it’s hard to
Spain cuts new property tax in half to lift Spanish real estate industry
Madrid, Spain: The Spanish Government has cut value added tax on new property in Spain by 50 per cent with immediate effect. The reduction in VAT (Spanish - IVA) from eight per cent four per cent on new build Spanish properties came into force on August 19th and will continue until the end of the year. Announcing the decision Jose Blanco, Minister of Development for Spain, said he hoped the new measures

All 5 Releases


More Releases for Ascott

Ascott Opens Its First Serviced Residence In Cambodia
Singapore, 7 November 2017 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has today opened its first serviced residence in Cambodia, CASA Meridian Residence, in Phnom Penh’s up-and-coming residential and retail hub of Diamond Island (Koh Pich). CASA Meridian Residence offers 75 fully-furnished residences on the top 13 floors of the 34-storey integrated development CASA by Meridian, which also comprises a high-end shopping mall, premium office spaces
ASCOTT OPENS ITS FIRST CITADINES APART’HOTEL IN VIETNAM
Citadines Bayfront Nha Trang marks the entry of Ascott’s fastest growing brand and the only international-class serviced residence in the city Singapore, 17 July 2017 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has opened its first Citadines Apart’hotel in Vietnam and expanded its footprint to a key tourism hub, Nha Trang. Citadines Bayfront Nha Trang is the first international-class serviced residence in the coastal city. It
ASCOTT REDEFINES TRAVEL FOR MILLENNIALS WITH NEW BRAND LYF AND TARGETS 10,000 UN …
ASCOTT REDEFINES TRAVEL FOR MILLENNIALS WITH NEW BRAND LYF AND TARGETS 10,000 UNITS BY 2020 Lyf residences, designed for and managed by millennials, to seize opportunities in rising trend of co-living and co-working Singapore, 24 November 2016 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott) is unveiling its newest brand, Lyf (pronounced ‘life’), designed for and managed by millennials who wish to experience destinations as locals do. Going
ASCOTT WINS BIG AT THE 2016 WORLD TRAVEL AWARDS
Amongst Ascott’s three industry accolades is the prestigious ‘Leading Serviced Apartment Brand’ award for the Middle East Singapore, 10 October 2016 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has scooped three top industry accolades at the World Travel Awards Middle East. Beating off fierce regional competition, Ascott was named this year’s ‘Leading Serviced Apartment Brand’ for the Middle East. Individual property honours also went to
ASCOTT THAILAND SUCCESSFULLY REACHES GOAL TO RAISE OVER 100K FUNDS FROM ASCOTT C …
Singapore, 7 October 2016 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), with the support of CapitaLand Hope Foundation (CHF), has recently organised its first Ascott Charity Run in Thailand. The objective of this event is to raise funds for over 500 underprivileged students at the Doi Wiangpha Pittaya School – a remote hill-tribe school in Chiang Rai province. Ascott Charity Run 2016 was held at the Lumpini
ASCOTT SETS THE BENCHMARK FOR LUXURY LIVING IN THE PHILIPPINES WITH ITS NEWLY RE …
Singapore, 26 September 2016 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has unveiled newly renovated apartments and facilities at its premier serviced residence in the Philippines, the Ascott Makati, setting the benchmark for luxury living in the heart of Makati’s Central Business District. Conveniently located within Glorietta Shopping Complex and surrounded by restaurants, entertainment and shopping malls, one of the two towers at the 362-unit Ascott