SINGAPORE (June 6): CapitaLand sees potential to grow its assets under management (AUM) in Japan to $5 billion, double its current AUM of over $2.5 billion as at 31 March 2017.

The group is also on track to achieve at least $3 billion worth of AUM in the market by the end of 2017. Japan is expected to feature prominently in the group’s recurring income strategy, with a robust portfolio of income-producing shopping malls, serviced residences and offices.

Lim Ming Yan, President & Group CEO of CapitaLand, says: “Our total AUM in Japan stands at over $2.5 billion. We strengthened our foothold in Greater Tokyo earlier this year with the acquisition of three office buildings and a mall for $620.1 million, and are poised to continue expanding our presence in Japan to $3 billion in AUM by the end of this year. We see potential to double our AUM in the country to $5 billion by exploring opportunities across asset classes, including tapping various capital sources and third-party assets. Our enlarged portfolio will serve as the group’s platform to develop a sustainable long-term growth strategy in Japan.”

Lim was speaking at the grand opening of Ascott Marunouchi Tokyo.

Operated by the group’s wholly owned serviced residence arm, The Ascott, the 130-unit Ascott Marunouchi Tokyo is the first luxury serviced residence in Japan under Ascott’s premier Ascott The Residence brand, and among the seven serviced residences the group owns and manages in the country.

The property is located in the prestigious Otemachi-Marunouchi business district while being close to the Ginza shopping area. It is well connected with direct access to the Otemachi subway station served by five subway lines, and is a mere 10-minute walk to Tokyo station that gives guests quick access to major cities via the Shinkansen. It also enjoys a good view of the East Garden of the Tokyo Imperial Palace.

CapitaLand shares closed at $3.60 on Tuesday.