Changi Airports International, the overseas investment unit of Singapore's main airport operator, plans to buy stakes in as many as 15 airfields, says chief executive officer Chow Kok Fong.

Chow says the company aims to manage US$700 million of airport assets within the next three years and that overseas revenue in five years may climb to as much as 20% of sales from less than 5% now.

The company wants to tap growth in the Middle East, China and India, where governments are upgrading airports as more people fly. Global passenger air traffic is projected to jump 29% by 2011, threatening to overwhelm airports, according to an October 2007 forecast by the International Air Transport Association.

The company secured its first direct investment in China last month, acquiring a 29% stake in the Nanjing Lukou International Airport for US$138 million. Funding for future purchases will mainly come from its parent, says Chow.

"We are looking at several deals, which we hope will crystallise over the next three years," he adds. "A lot of the growth that we expect in China will come from the central and western region. So, we will be spending a lot of our efforts in that region."