Ascott Wins 'The Asset' Triple A Country Award For Best Deal In Singapore
Launch of Ascott Residence Trust, the first pan-Asian serviced residence real estate investment trust, sets a record high for Singapore REITs preferential offerings
Singapore, 12 January 2007 – The Ascott Group (Ascott) has received the 2006 Triple A Country Award for Best Deal in Singapore from The Asset magazine, the largest circulated finance publication for Asian issuers. Ascott was recognised for its successful creation of Ascott Residence Trust (ART), the first pan-Asian serviced residence real estate investment trust (REIT), which was listed in Singapore on 31 March 2006.
The Asset’s annual Triple A Country Awards is Asia’s most prestigious award in recognition of performance excellence in the financial services industry. The Triple A Country Awards 2006 was held in Hong Kong yesterday.
Ascott successfully set up ART by divesting 12 serviced residences from five different countries with an initial portfolio value of S$856 million to ART. Ascott’s preferential offering of ART’s units to its shareholders received a subscription of 98%, a record high for preferential offerings by Singapore REITs.
Mr Lim Chin Beng, Ascott’s Chairman, said: “The Asset is an authoritative and well-read publication by investors and financial institutions in Asia. Being recognised by the magazine is an endorsement of Ascott’s innovativeness in launching ART, a new investment option for shareholders. ART is the first of its kind and our innovative preferential offering for ART units appealed to Ascott’s shareholders.”
Mr Cameron Ong, Ascott’s Managing Director and CEO said: “The launch of ART has created an integrated business model for Ascott, enabling the Group to incubate quality assets for potential injection into ART, while ART acquires yield-accretive assets. Ascott has invested over S$600 million on properties located in China, India, Singapore, Thailand and Vietnam. These assets will eventually form the pipeline for injection into ART. We will continue to look at innovative ways to unlock shareholders’ value.”
Since ART’s listing, it has aggressively expanded its asset portfolio to 17 properties in 10 pan-Asian cities with a total value of S$1.07 billion. These properties, comprising a total of 2,825 units, are located in Singapore, Australia, China, Indonesia, Japan, the Philippines and Vietnam.
The Asset Tripe A Country Awards is the second award presented to Ascott for the launch of ART. In April 2006, Ascott received the ‘Innovative Capital Venture’ award at the 2006 China Hotel Investment Summit in Shanghai where Ascott was recognised for its pioneering spirit and innovativeness demonstrated through the successful launch of ART.
About The Ascott Group
The Ascott Group is the largest international serviced residence owner-operator outside the United States with over 18,000 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region.
The Group operates three brands –Ascott, Somerset and Citadines. Its portfolio spans 46 cities in 20 countries including London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing, Hong Kong and Chennai 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. Recent awards include Travel Weekly China 2006 ‘Best Serviced Residence’, Business Traveller China 2006 ‘Best Serviced Residence Brand in China’, TTG Travel 2006 ‘Best Serviced Residence’, 2006 World Travel Awards, Business Traveller Asia Pacific 2006 ‘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 the largest listed real estate companies in Asia. 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. The company's property and hospitality portfolio spans more than 80 cities in 20 countries.
CapitaLand also leverages on its significant real estate asset base and market knowledge to develop real estate financial products and services in Singapore and the region. The listed subsidiaries and associates of CapitaLand include The Ascott Group, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, Quill Capita Trust and Australand.
Celina Low, Vice President, Corporate Communications
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Joan Tan, Senior Manager, Corporate Communications
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Sandy Leng, Investor Relations
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