05 Feb

Ascott Presented Prestigious Golden Dragon Award For ‘Best Foreign-Invested Enterprise’ In Vietnam

Singapore, 5 February 2007 – The Ascott Group (Ascott) has been conferred the 2006 Golden Dragon Award, organised by the Vietnam Economic Times in conjunction with Vietnam's Ministry of Planning and Investment, with the support of government agencies including the country's Ministry of Trade, Ministry of Finance, Ministry of Industry, Ministry of Culture and Information, and the Vietnam Union of Science and Technology Association.  Ascott is the first Singapore-based international serviced residence company to be conferred the prestigious award, which honours the success of foreign-invested enterprises in Vietnam and acknowledges the contributions of foreign investors to the country’s economy.
According to Vietnam’s Ministry of Planning and Investment, there are about 6,000 foreign enterprises in Vietnam.  This year, the Golden Dragon Award recognises the top 60 companies in Vietnam from a range of industries including agriculture, education, financial services, healthcare, real estate and telecommunications.  The annual Golden Dragon Awards, which started in 2001, has Vietnam's former Deputy President Nguyen Thi Binh as its Honorary Chairman.
Mr Cameron Ong, Ascott’s Managing Director and CEO said: “Ascott is very proud to have emerged among thousands of foreign companies in Vietnam to be the first Singapore-based international serviced residence company to receive this prestigious award.  Ascott has been in Vietnam for over a decade; to-date we’ve invested more than US$120 million, established excellent working relationships with our partners, and built strong brand and corporate reputation here.”

“As the largest international serviced residence owner-operator in Vietnam, we’re committed to growing our presence here.  Political stability, strong economic growth and continuing government efforts to improve the investment environment are conducive for the Group’s further expansion.  In fact, we target to increase our inventory to 2,000 units by 2010,” he added.
Ascott presently has a portfolio of about 800 units in five properties in Hanoi and Ho Chi Minh City, namely Somerset Grand Hanoi; Somerset Hoa Binh, Hanoi; Somerset West Lake, Hanoi; Somerset Chancellor Court, Ho Chi Minh City and Somerset Ho Chi Minh City.
In 2005, Ascott received recognition from the Vietnam Ministry of Planning and Investment as one of the ‘Top 12 companies for best performance and contributions in foreign direct investment in the country’.  Its properties in Hanoi and Ho Chi Minh City have also won numerous awards including the ‘Best Service in Serviced Apartments’ awards and the ‘Excellent Service in Serviced Apartments’ awards from the Vietnam Economic Times in 2003, 2004, 2005 and 2006.

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 23-year industry track record and serviced residence brands that enjoy recognition worldwide.

The Ascott Group’s achievements have been recognised internationally.  Recent awards include The Asset’s 2006 ‘Triple A Country Award for Best Deal in Singapore’, 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 real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. The company's real estate and hospitality portfolio spans more than 90 cities in 20 countries.

Issued by: The Ascott Group Limited
Website: www.the-ascott.com
8 Shenton Way, #13-01 Temasek Tower, Singapore 068811



Celina Low, Vice President, Corporate Communications

Tel: (65) 6586 0475 

Hp: (65) 9682 5458 

Email: celina.low@the-ascott.com

Joan Tan, Senior Manager, Corporate Communications

Tel: (65) 6586 0474 

Hp: (65) 9743 9503 

Email: joan.tan@the-ascott.com

Sandy Leng, Investor Relations

Tel: (65) 6586 7150 

Hp: (65) 9018 5168 

Email: sandy.leng@the-ascott.com