Will Singapore's economic growth continue?

Will Singapore's economic growth continue?
Prime Minister Lee Hsien Loong said Singapore’s economic growth forecast has been raised. This has been due to the economy expanding by 7.6 percent. In his televised national day message, Lee said the 134 billion economy would grow between 7 percent and 8 percent.

“Our efforts to transform our economy are paying off,” he said. As if looking into an economic crystal ball, he expressed the view that the country would face profitable changes. “ Within a decade, our city and our whole country will be completely transformed,” he added.
What does all this mean for businesses in Singapore? Singapore’s property and construction industries are booming and this is due to the government’s success in attracting companies, including Citigroup Inc and Friends Provident PLc.

Manufacturing and service industries will also expand and information technology industries will enjoy a boost in growth. 11,300 jobs have been created due to business expansion. What one has to ponder would be is to whether the good times will last and if the positive growth will be hit by an unpredictable event?

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Will Singapore's economic growth continue?

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What brings Ascott to Kazakhstan?

What brings Ascott to Kazakhstan?





To tap into Central Asia’s growing demand, the Ascott Group acquired a ten-year contract to manage two serviced residences in Kazakhstan.

Although geographically in Central Asia, the oil rich Kazakhstan has strong affiliation and proximity to Europe and falls under Ascott’s Europe strategy. According to the group, strong travel culture among Europeans will boost their operations in Europe.

With less than 2,000 international hotel rooms in the entire country, the serviced residences operator will be the first international player to invest, and will manage some 320 units targeted to open by mid 2009.

200 of the 320 units will be in the capital city of Astana, near an integrated centre developed by Tsesna Corp, Ascott’s partner. An additional 120 units will be in the port city of Aktau, near the Caspian Sea. They will be named Ascott Astana and Citadines Aktau, respectively.

The Ascott Group’s CEO for Europe Gerald Lee explored future plans too claiming, "Going forward, we'd be looking at cities like Almaty and Atyrau. We are planning to add two projects a year, at least over the next few years. "On average, each of these properties should be around 100 to 150 units. Once we are more familiar with the market, we'd consider taking an equity stake in some of these projects as well."

Although Ascott attributes the decision to strong travel culture in Europe, historically Kazakhstan has not been a popular tourist destination. However the country’s strong oil and gas industry is expected to dramatically increase business tourism. Is Ascott’s decision to enter Kazakhstan premature?

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What brings Ascott to Kazakhstan?

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