03 Apr

The Ascott Group Boosts Management Bench Strength To Support Expansion

Singapore, 3 April 2007 – The Ascott Group (Ascott) has strengthened its senior management team to achieve its global expansion and growth objectives.

Ms Ng Lai Leng has been appointed as Chief Corporate Officer with effect from April 1, 2007. As Chief Corporate Officer, Ms Ng will oversee the Group’s corporate functions including Corporate Planning, Human Resource, Legal & Corporate Secretarial and Information Communication Systems.  Ms Ng was previously Chief Financial Officer & Company Secretary at Raffles Holdings Limited.  She had also held various positions in Operations and Business Development during her career with Raffles Holdings.

In addition to Ms Ng’s appointment, Mr Ronald Tay was appointed as Deputy Chief Investment Officer on January 1, 2007. His role as Deputy Chief Investment Officer is to expand Ascott’s serviced residence portfolio in existing and new markets through investments in properties, leasing and management contracts. Prior to joining Ascott, Mr Tay was Senior Vice President (Finance and Investment) at CapitaLand Residential Singapore.

Mr Anthony Khoo and Mr Chong Yeu Liong have also been promoted to Senior Vice President, Brand & Marketing and Senior Vice President, Group Treasury respectively, with effect from April 1, 2007.

To sharpen its focus on growing the Group’s presence in key markets, Ascott has also reorganised its serviced residence operations under four clusters. Mr Gerard Weller has been re-designated as Managing Director, South Asia, Gulf Region & Australasia, while Mr Alfred Ong has been re-designated as Managing Director, Southeast Asia. Mr Lucas Loh and Mr Sym Lee continue to oversee Ascott’s operations as Managing Director of China and Managing Director of Europe, respectively.

Mr Cameron Ong, Ascott’s Managing Director & CEO said: “The Ascott Group has been expanding aggressively in Asia and in new markets like India, the Gulf region and Russia.  As we continue to expand, we remain focused on being nimble and responsive in the marketplace, to execute our strategies faster and reduce time to market. In addition to having a robust structure to support our expansion in key markets, we are building our management bench strength to drive sustainable growth for the Group.”

About The Ascott Group

The Ascott Group is the largest international serviced residence owner-operator outside the United States with about 19,000 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 47 cities in 21 countries including London, Paris, Brussels, Berlin, Barcelona and Moscow 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 Vietnam Economic Times 2006 ‘Golden Dragon Award’, 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 over 20 countries.


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