Ascott makes foray into Tokyo

CAPITALAND is making an investment in the future of Tokyo as a business and residential centre via its wholly owned subsidiary, The Ascott, which has signed a master lease agreement with Mitsubishi Estate Company to provide serviced apartments in the Japanese capital.

The move comes at a time when the world's third-largest economy is recovering from years of stagnation and when land prices in Tokyo and other leading Japanese cities have begun rising after a very lengthy period of decline.

The Business Times understands that at least one Singapore-based resort hotel group is also considering investments in Japan as the level of interest from Asia and elsewhere in the Japanese property market increases.