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Ascendas shifts gear in strategic move
By Cao Qian |
January 30, 2010, Saturday
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Print Edition
Print Edition
ASCENDAS, Asia's leading business space solutions provider, yesterday said it will shift its focus to the development of integrated business and IT parks as well as further expand its real estate funds to accelerate its growth in China.
"Instead of providing traditional business spaces, we will offer our tenants a real work-live-play environment in the new generation business and IT parks integrated with a wide range of retail and recreational amenities," said Eric Goh, chief executive officer of Ascendas China. "We expect the strategic move to further sustain our development in the country in the long run."
The Singapore-based company currently has 860,000 square meters of assets worth nearly S$1.2 billion (US$832 million) under management in nine Chinese cities. It said earlier that it planned to own total real estate assets worth S$2.5 billion in China by 2012.
The firm is also seeking to strengthen its real estate funds business in the country by adding more projects into its existing China funds.
It will also set up new funds that will invest further in the country's property market.
Ascendas set up two China real estate funds with a combined size of S$1.4 billion in 2007 to invest purely in industrial/business park projects and office/commercial properties.
"We've been looking for some office developments, particularly located in prime areas in gateway cities like Beijing and Shanghai," Goh said. "Hopefully, we will be able to increase our fund portfolio by the end of this year."
Ascendas might also cooperate with some creative business space operators though the idea is still in its infant stage. An example of creative business spaces is The Bridge 8 in Luwan District, a cluster built from a group of abandoned factories and now home to creative professionals, including architects, designers and advertisers.
"Instead of providing traditional business spaces, we will offer our tenants a real work-live-play environment in the new generation business and IT parks integrated with a wide range of retail and recreational amenities," said Eric Goh, chief executive officer of Ascendas China. "We expect the strategic move to further sustain our development in the country in the long run."
The Singapore-based company currently has 860,000 square meters of assets worth nearly S$1.2 billion (US$832 million) under management in nine Chinese cities. It said earlier that it planned to own total real estate assets worth S$2.5 billion in China by 2012.
The firm is also seeking to strengthen its real estate funds business in the country by adding more projects into its existing China funds.
It will also set up new funds that will invest further in the country's property market.
Ascendas set up two China real estate funds with a combined size of S$1.4 billion in 2007 to invest purely in industrial/business park projects and office/commercial properties.
"We've been looking for some office developments, particularly located in prime areas in gateway cities like Beijing and Shanghai," Goh said. "Hopefully, we will be able to increase our fund portfolio by the end of this year."
Ascendas might also cooperate with some creative business space operators though the idea is still in its infant stage. An example of creative business spaces is The Bridge 8 in Luwan District, a cluster built from a group of abandoned factories and now home to creative professionals, including architects, designers and advertisers.
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