12 Jan '11, 3pm

The Ascott to invest S$70m in Europe, Asia | Brought to you by

SINGAPORE: The Ascott, one of the world's largest serviced-residence companies, plans to invest in at least 12 properties for this year, covering cities like Shenzhen, Chennai and Doha. The company, which is a unit of Singapore's CapitaLand, said it has US$800 million (S$1 billion) available to expand its business this year. Other than Asia and the Middle East, The Ascott is also looking at furthering its presence in Europe. One of them is Paris, the most visited city in the world. And it may become even more popular with tourists as a sliding euro makes it cheaper for overseas travellers to visit Europe. The Ascott, which is the largest Singapore investor in France, says a weak euro also means a good time to pick up European properties for cheap. The Ascott chief executive officer Lim Ming Yan said: "That... had generated a lot of demand because it has become a lot cheape...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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