12 Aug

Ascott Continues To Manage The Ascott Mayfair, London Upon Its Divestment

Singapore, 12 August 2006 – The Ascott Group (Ascott) will continue to manage The Ascott Mayfair, London, following the completion of the sale of the property on 11 August 2006.

Ascott first announced in May 2006 that it will divest The Ascott Mayfair to an unrelated party for £65.8 million (S$190.8 million) and hand over the property on completion date. With Ascott’s strong brand reputation and established presence globally, the new owner has requested that Ascott continue to manage the property.

Mr Cameron Ong, Ascott’s Managing Director and CEO said, “With the divestment of The Ascott Mayfair, we will be able to reinvest the funds into higher-yielding assets and high growth markets. We are pleased to also have the opportunity to continue to manage the property. With its superior location in London, The Ascott Mayfair will enhance our network of 10 Ascott properties across key cities in the world.”

The 56-unit property is located at 41, 43, 45, 47 & 49 Hill Street, London. It is in the heart of London’s most exclusive Mayfair district. Within the vicinity of The Ascott Mayfair are some of the world’s finest shopping malls, chic designer boutiques, museums, stylish restaurants, clubs and grand theatres. The property is also located within walking distance to Buckingham Palace and Hyde Park, which offers 340 acres (142 hectares) of green space in the heart of London.

The luxurious Ascott Mayfair offers the comfort and amenities of a home with an extensive range of facilities and personalised services that cater to the needs of business executives. Residents will be able to choose from studios units to three bedroom suites. Each apartment unit has a fully equipped kitchen, personal entertainment system and living area. Amenities include a fitness centre, steam room and sauna, boardroom facilities, solarium, complimentary broadband internet access, laundry and dry cleaning services and grocery shopping services.

For more information and reservations on The Ascott Mayfair, London please call (44-207) 499 6868, email Ascott at enquiry.london@the-ascott.com or visit Ascott’s website at www.the-ascott.com .


About The Ascott Group

The Ascott Group is the largest international serviced residence owner-operator outside the United States with more than 16,000 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region.

The Group operates three brands – The Ascott, Somerset and Citadines in 43 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Pattaya, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing, Xi’an and Hong Kong in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand as well as Dubai in the Gulf region.

The Ascott Group is headquartered in Singapore. It pioneered Asia Pacific's first branded luxury serviced residence in 1984. It also established the world’s first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, the Group boasts a 22-year industry track record and serviced residence brands that enjoy recognition worldwide.

The Ascott Group’s achievements have been recognised internationally; it has clinched numerous prestigious awards including the ‘Most Outstanding International Brand’ award from Apartment Living magazine in Thailand, ‘2006 Korea Top Brand’ award by Seoul Economy newspaper, Korea Herald’s ‘Readers’ Best Brand Awards 2006’, ‘2006 Best Company & CEO’ award from the Herald Business in Korea, the ‘Best Serviced Residence Brand’ award by Lifestyle + Travel magazine in Thailand, the ‘Innovative Capital Venture’ award at the 2006 China Hotel Investment Summit, 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, The Ascott Group 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.






Joan Tan, Senior Manager, Corporate Communications

Tel: (65) 6586 0474 

Hp: (65) 9743 9503 

Email: joan.tan@the-ascott.com

Lilian Goh, Head, Investor Relations

Tel: (65) 6586 7231  

Hp: (65) 9795 5225  

Email: lilian.goh@the-ascott.com