31 Aug

Ascott Announces Senior Management Appointments

Singapore, August 31, 2004 - The Ascott Group today announced the appointments of Mr Chong Kee Hiong as its deputy chief executive officer (finance and investment) from September 16, and Mr Yip Hoong Mun as its senior vice president (operations) from August 16.

Mr Chong was previously the chief financial officer of Raffles Holdings while Mr Yip was Ascott’s managing director for China.

Ascott’s chairman, Mr Lim Chin Beng, said: "The two appointments will strengthen further Ascott’s management team as the group continues to expand its global reach.

"Kee Hiong has a wealth of experience in finance and investment in the international hospitality and property industries, and a good track record at Raffles Holdings. Hoong Mun has been with the group for over 10 years, and has led his team to achieve market leadership for Ascott in China."

Mr Liew Mun Leong, Ascott’s deputy chairman, and president and CEO of its parent company CapitaLand Limited, said: "The appointments are part of CapitaLand group’s talent management and succession planning process. Due to the breadth of CapitaLand’s operations, high performing executives are given greater development opportunities, as they can be posted across our various subsidiaries and business units."

Mr Cameron Ong, Ascott’s chief executive officer, said: "We are delighted that Kee Hiong is joining the Ascott team. He will oversee the group’s strategic planning, investment and finance functions, with the chief financial and chief investment officers reporting to him.

"Hoong Mun has accomplished much in China, and will now oversee the group’s operations division. Earlier this year, Ascott clinched the Number One position in the China’s Top 100 Serviced Residences ranking for the management of its eight serviced residences there."

Mr Chong was CFO at Raffles Holdings from 2001, and had put in place a global financial management information system and reporting structure across the enlarged Raffles group, following its acquisition of Swissotel. As a member of Raffles’ management committee, he was also responsible for the company’s investment and asset management decisions.

Prior to this, Mr Chong was a senior vice president at Adroit Innovations Limited, overseeing its business development activities. From 1997 to 2000, he worked with Tuan Sing Holdings Ltd in Shanghai, and later as its financial controller in Singapore. He was also previously a financial controller with RSP Architects Planners and Engineers, and began his career with KPMG Peat Marwick in 1990.

Mr Chong has a Bachelor of Accountancy degree from the National University of Singapore, and is a member of the Institute of Certified Public Accountants of Singapore. He is also an audit committee member of Sentosa Development Corporation.

Mr Yip first joined the group in 1994 and worked in various countries in the investment and operations functions. He was posted to Shanghai in 1999 and rose to become the managing director of Ascott China from July 2003.

Mr Yip has a Bachelor of Civil Engineering degree with first class honours from the National University of Singapore, and a Master’s degree in Business Administration from Stanford University, US.

The Ascott Group is a leading international serviced residence company with 13,800 serviced residence units in 39 cities in 16 countries in Europe and Asia Pacific. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.



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 Citadines brand provides 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