04 Aug

Cameron Ong Appointed Chief Executive Officer For The Ascott Group

Singapore, August 4, 2004 - The Ascott Group today announced that Mr Cameron Ong, its deputy chief executive officer, will take over from Mr Eugene Lai as chief executive officer of The Ascott Group with effect from August 5, 2004. Mr Lai has resigned to pursue other interests.

Mr Ong has over 25 years’ international experience in hospitality, of which 10 years has been with the group. Over the years, he has directed most of Ascott’s critical functions, including overseeing the operational performance of its properties and global brand development across 39 cities in Europe and Asia Pacific.

Mr Ong began his career with several international hotel chains and was the youngest general manager appointed in Asia for the Crowne Plaza hotel group. He was previously Somerset Holdings' chief operating officer, and president and director of the hospitality arm of Liang Court Holdings (renamed Somerset Holdings). Somerset Holdings merged with The Ascott Limited to form The Ascott Group in 2000.

Mr Ong is a certified hotel administrator from the Educational Institute of American Hotel and Lodging Association, US. He has also attended senior management courses at the International Institute for Management Development in Lausanne, Switzerland and Tsinghua University in Beijing, China.

Ascott’s chairman, Mr Lim Chin Beng, said: “Eugene has guided the group’s acquisition of the remaining stake in a European serviced residence chain, entry into the Gulf region, and marketing alliance in the US. The Board and I wish Eugene all the best in his future endeavours. He has passed the leadership mantle to Cameron who has played a significant role in Ascott’s expansion over the last 10 years.”

He added: “Cameron has won several awards for his contributions to the hospitality industry. He has more than 15 years’ management experience in China and among the latest recognition of his expertise is his appointment as foreign professional consultant to the Beijing International Investment Promotion Council. With his solid experience and track record in the international hospitality industry, Cameron will lead Ascott to its next stage of development.”



The Ascott Group is a leading international serviced residence company with 13,800 serviced residence units in the key cities of Europe and Asia Pacific.

Ascott's global presence spans 39 cities in 16 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Shanghai and Beijing in Asia; Sydney, Melbourne and Auckland in Australia and New Zealand; and Dubai in the Gulf region.

Through its marketing alliance with Equity Corporate Housing, the group also offers upper-tier serviced apartments throughout the US. Headquartered in Singapore, The Ascott Group pioneered the Asia Pacific’s first branded luxury serviced residence in 1984. Today, it boasts a 20-year industry track record and serviced residence brands that enjoy recognition worldwide.

The group’s flagship The Ascott luxury serviced residence brand projects an elegant lifestyle appealing to top executives. Its Somerset upper-tier brand offers stylish, contemporary living for senior to upper management executives. The mid-tier Oakford brand in Australia and Citadines brand in Europe provide corporate executives with comfortable city residences.

Recent awards the group has clinched include the Number One position in the 2004 China’s Top 100 Serviced Residences ranking for its eight properties in China, 2004 Best Service in Serviced Apartments awards in Hanoi and Ho Chi Minh City, and Best Annual Report and Best Operating and Financial Review awards at Singapore’s 2004 Annual Report Awards.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies. Headquartered in Singapore, CapitaLand’s core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. The company's hospitality businesses in hotels and serviced residences span more than 60 cities around the world.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com.



Ida Lim, VP, Investor Relations & Corporate Communications
Tel: (65) 6586 7230 Hp: (65) 9628 8339 Email: ida.lim@the-ascott.com

Lilian Goh, Manager
Tel: (65) 6586 7231 Hp: (65) 9795 5225 Email: lilian.goh@the-ascott.com