CapitaLand’s serviced residence arm The Ascott Limited (Ascott) is targeting to have 10,000 apartment units in Europe by 2020 to mark the 50th year of trade relations between Singapore and France.
President Tony Tan Keng Yam who is making a state visit to France also visited Ascott’s newly opened Citadines Suites Arc de Triomphe Paris.
The 112-unit property just underwent a S$39 million facelift and is located in the city’s central business district, close to luxury boutiques and famous monuments.
Since Ascott acquired the pan-European Citadines apart’hotel chain in 2002, it has grown to become one of the largest Singapore companies to invest in the hospitality industry in France.
Ascott has pumped in more than S$1.5 billion to acquire the Citadines apart’hotel chain, acquire another eight properties and refurbish 33 properties in Europe by end 2016.
Commenting, Ascott’s CEO Lee Chee Koon said: “Europe remains one of our key markets. We will continue to deepen Ascott’s presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott’s target of 10,000 apartment units in Europe by 2020.”
Image: Singapore’s President Tony Tan welcomed by Ascott’s CEO Lee Chee Koon. (Photo by The Ascott Limited)
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
