Singapore Real Estate Properties

Singapore Ascott Group Ltd invests in two properties in Beijing & Tianjin, China

Singapore-listed company, The Ascott Group Ltd., which deals in serviced residence units, announced that it has acquired two new properties in China for RMB 768.7 million inclusive of development costs.

The two properties – one in Beijing and the other in Tianjin – will add 422 units to Ascott’s existing portfolio in China bringing the company’s total number of units to over 3,400 in 18 properties. Ascott plans to triple its portfolio in China to reach 10,000 units by the year 2010.

“Since Ascott’s entry into China about 10 years ago, we have made an accumulated investment of over RMB 3.2 billion. The additional investment in these two new properties brings our total investment in China close to RMB 4 billion,” Ascott Managing Director and CEO Cameron Ong said in a press release.