31 Mar

Ascott’s Serviced Residence REIT Trades At S$1.20 On Debut Above Issue Price of S$0.68

The Ascott Group listed the first pan-Asian serviced residence real estate investment trust (REIT), Ascott Residence Trust (ART) on Friday, 31 March 2006 on the Main Board of the SGX-ST at 0900 hours (Singapore time).

Ms Ho Ching, Executive Director and Chief Executive Officer of Temasek Holdings was present at the event as the Guest of Honour.

ART units were offered exclusively for Ascott’s shareholders at S$0.68. On its debut, ART traded at $1.20 a unit, and closed at $1.15, a yield of 5.3 percent, based on a projected annualised distribution yield of 6.11 cents for the financial year 2006.

ART’s initial portfolio valued at S$856 million comprises 12 of Ascott’s serviced residences strategically located in key high-growth pan-Asian gateway cities where Ascott has leadership presence. These 12 properties, with a total of 2,068 units, are located in Singapore, China, Indonesia, the Philippines and Vietnam.

For more information on ART, please visit www.ascottreit.com

Opening Speech by Mr Cameron Ong

Speech by Ms Ho Ching

About The Ascott Group

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

Ascott's global presence spans 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. The Group also established the world’s first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, Ascott 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 the 2006 ‘China’s Top 100 Serviced Apartments’ award, Korea Times’ ‘Best International Serviced Residence Brand’ award, the ‘Highly Commended Deluxe Accommodation’ award at the 2005 Tasmanian Tourism Awards, ‘Best Accommodation’ at the 2005 World Travel Awards, TTG Asia Media’s 2005 ‘Best Serviced Residence Operator’ award, and the Business Traveller Asia Pacific’s 2005 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence’ awards.
For a full list of 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