Ascendas, a business space provider in Singapore, has announced that it plans to expand in ten Asian countries over the next five years, said Chong Siak Ching, the company’s chief executive officer.
The economic crisis is fading, and while growth is still unbalanced, the “imbalance favours Asia”, said Ms. Chong at the Cityscape Asia annual exhibition and conference.
“There is a lot of interest in Asia and funds are beginning to flow back in. It is up to us in the real estate sector to find our niches,” she added.
Ascendas, which operates in Singapore and in other countries like Vietnam, India and China, is expected to ride the recovery. Ms. Chong hopes more demand for the company’s purpose-built integrated projects in India and China. More integrated projects also attracted the Generation Y workers, who are keen in the live-work-play concept of such developments.
Several speakers at the Cityscape Asia’s opening day also agreed with Ms. Chong.
Dominic Bryant, senior Asia economist of BNP Paribas, noted that global attention is now focused on the region, and trends of capital flowing from institutional and private investors are now appearing into the region’s property market.
“We are currently in the midst of a tectonic shift in the global economy in which Asia is a key player and beneficiary,” said Mr. Bryant. “Asia is coming into its macro-economic inheritance after years of hard work recovering from its own crisis over a decade ago. Markets have begun to see this and have repriced risk globally in favour of Asia.”
Surinder D Kathpalia, managing director of Standard & Poor, also said that the broadened stimulus policy across the Asia-Pacific region has helped strengthen recovery and boost domestic demand.
Cityscape Asia 2010, which runs from May 18 to May 20, has gathered developers and property players from countries like Singapore, China, Indonesia, Vietnam, Malaysia and Australia.