CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, says it aims to grow its global portfolio to 40,000 apartment units from the current 26,000 by 2015.

Ascott will also invest $50 million to refurbish over 10 existing properties in Asia and Europe in the next 12 months. Recently upgraded were Citadines South Kensington, Somerset Liang Court and Somerset Grand Cairnhill.

Its global expansion plans were unveiled at the launch of the 278-unit Ascott Huai Hai Road Shanghai. The company has also secured contracts to manage four premier Ascott-branded properties with over 800 apartment units across four cities in China, namely Ningbo, Hangzhou, Suzhou and Guangzhou.

In Europe, Ascott is converting its Citadines Paris Louvre into Ascott Louvre Paris, the company’s first Ascott-branded property in France. Conversion of the 51-unit serviced residence will be completed in 2011.

The latest additions to Ascott’s portfolio — namely Ascott Raffles City Ningbo, Ascott Raffles City Hangzhou, Ascott Suzhou and Ascott Guangzhou IFC — are slated to open by 2015.

Ascott Louvre Paris will be a premier boutique serviced residence.

When all these five properties are completed, Ascott will have 20 premier Ascott-branded properties with over 3,800 apartment units in key cities around the world.