09 Mar

Ascott Launches Preferential Offering of Ascott Residential Trust (ART) Units

The Ascott Group (Ascott) today launched its preferential offering of Ascott Residence Trust (ART) units exclusively for Ascott’s shareholders at an attractive distribution yield of 9%. For every 1,000 Ascott shares owned as at 6 March 2006 at 5 pm, Ascott’s shareholders will be entitled to subscribe to 200 ART units at the preferential offer price of S$0.68 per unit.

ART is the first Pan-Asian serviced residence real estate investment trust (REIT). Its initial portfolio valued at S$855.8 million will comprise 12 serviced residences located in high-growth Pan-Asian markets including Singapore, China, Indonesia, Vietnam and the Philippines.

From 9 March to 23 March 2006, Ascott’s shareholders may subscribe for their entitled ART units, apply for additional ART units up to board lots, or apply for excess ART units. Shareholders may also trade their entitlements during the entitlements trading period from 9 March to 17 March 2006. ART is expected to be listed on the Main Board of the Singapore Exchange – Securities Trading Limited on 31 March 2006.

Ascott’s shareholders can accept and pay for their entitlements to ART units through automated teller machines (ATMs) of DBS/POSB, OCBC and UOB, or by completing the acceptance forms mailed to them. Shareholders who hold Ascott’s shares under the CPF Investment Scheme can also accept and pay for their entitlements by instructing their CPF-approved banks.

Shareholders may obtain more information on ART from the Prospectus which has been dispatched to them on 8 March 2006. Copies of the Prospectus may be obtained on request, subject to availability, from J.P. MORGAN (S.E.A.) LIMITED, 168 Robinson Road, 17th Floor, Capital Tower, Singapore 068912. The Prospectus may also be viewed on the SGX-ST website https://www.sgx.com .

About The Ascott Group

The Ascott Group is a leading international serviced residence company with about 15,500 serviced residence units in key cities of Europe, Asia Pacific, and the Middle East.

Ascott's global presence spans over 41 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Pattaya, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai and Beijing in Asia; Sydney, Melbourne and Auckland in Australia/New Zealand as well as Dubai in the Middle East.

Headquartered in Singapore, The Ascott Group pioneered Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts a 21-year industry track record and serviced residence brands that enjoy recognition worldwide.

The Group operates three brands – The Ascott, Somerset and Citadines. Its achievements have been recognised internationally; it has clinched numerous prestigious awards including Korea Times’ ‘Best International Brand (Serviced Residence)’ by Somerset Palace Seoul, ‘Best Accommodation’ by The Ascott Metropolis Auckland in the 2005 World Travel Awards, TTG Asia Media’s Best Serviced Residence Operator award and the Business Traveller’s 2005 Best Serviced Residence Brand and Best Serviced Residence in Asia Pacific awards. For a full list of these awards, please visit : https://www.the-ascott.com/aboutus/awards_and_accolades.html?year=2007

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, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. Its property and hospitality portfolio spans more than 70 cities in 18 countries.

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