Author Topic: Singapore Increases Investment in the Philippines  (Read 1108 times)

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Singapore Increases Investment in the Philippines
« on: July 27, 2007, 04:15:17 PM »
Written By the Philippine Daily Inquirer

Singapore-based Ascendas Pte. Ltd., Asia’s leading business space solutions provider, has announced the first closing of its Ascendas ASEAN Business Space Fund, or ASEAN Fund, at $200 million.

The fund said it would invest primarily in the key reemerging markets of the Philippines, Vietnam and Malaysia.

Specifically, it will invest in a portfolio of assets such as central business district and suburban office space, technology-related facilities, as well as science, biotech and IT-related assets. The fund will also invest in mixed development projects as well as industrial and logistics facilities.

Ascendas specializes in developing, managing and marketing IT parks, industrial parks (manufacturing, logistics and distribution centers), business parks, science parks, high-tech facilities, office and retail space.

Chong Siak Ching, Ascendas president and CEO said: “The ASEAN Fund will enable investors to participate in a diversified geographical portfolio with exciting opportunities coming from the emerging economies of Vietnam, Malaysia and the Philippines. The strong growth primarily in the industrial as well as IT (information technology) and BPO (business process outsourcing) sectors has generated greater demand for high-quality business space. This is an area where Ascendas can play a role in setting new benchmarks for business space solutions and bringing our unique Ascendas business lifestyle to new markets.”

Ong Beng Kheong, Ascendas’ CEO of Southeast Asia Operations, said: “The ASEAN Fund is an ideal vehicle for sophisticated investors to invest in real estate, both matured and development assets, in some of the region’s fastest-growing economies. We are committed to delivering attractive yields, stable income and capital growth to investors.”

“From its initial size of $200 million, we target to grow the fund eventually to $400 million with an asset size worth about $1 billion. We are actively exploring a pipeline of assets in Vietnam, Malaysia and the Philippines. There is growth potential from the addition of properties and development projects that meet our investment criteria,” the official said.

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