01 Aug
2007

Ascott Announces Senior Management Appointments

Singapore, 1 August 2007 – The Ascott Group (Ascott) today announced new appointments to its senior management team. Ms Jennie Chua, President & Chief Executive Officer of Ascott will have two deputies, Mr Chong Kee Hiong, the current Deputy Chief Executive Officer (Finance & Investment) and Mr Gerald Lee who has been appointed Deputy Chief Executive Officer (Operations). In addition, Mr Ronald Tay will be Ascott's Chief Investment Officer while Mr Ee Chee Hong has been appointed Chief Executive Officer, China, and Mr Richard Ong, the Managing Director of China.

Ms Jennie Chua, Ascott's President & Chief Executive Officer said: "There is tremendous growth potential for serviced residences as they are the preferred choice of accommodation for extended stay. Ascott has in place capable and dedicated people at the senior management level and in field operations. These new appointments will bolster our management bench strength and add to the Group's capabilities. Ascott will be able to drive for greater growth and achieve our global expansion objectives by capitalising on our pole position in the serviced residence industry."

Finance & Investment

Mr Chong Kee Hiong who is also the Chief Executive Officer of Ascott's subsidiary, Ascott Residence Trust Management Limited, will oversee the Group's finance, investment, asset management, merger and acquisition, and investor relations functions.

Mr Chong joined Ascott in September 2004. He was Chief Financial Officer at Raffles Holdings Ltd prior to joining Ascott. He will be assisted by Ms Hazel Chew, Ascott's current Chief Financial Officer and Mr Ronald Tay, Chief Investment Officer.

Mr Tay joined Ascott in January 2007 as Deputy Chief Investment Officer. He was previously Senior Vice President (Finance and Investment) at CapitaLand Residential Singapore since 2004. As Chief Investment Officer, he will spearhead Ascott's investment and business development strategies and seek out new growth opportunities.

Operations

Mr Gerald Lee will oversee the Group's global operations in Asia, Europe and the Gulf region. Mr Lee joined Ascott as Chief Brand & Marketing Officer in April 2005 and assumed the post of Chief Executive Officer (Europe) in January 2006. He has more than 15 years of experience in the tourism, hospitality and real estate industries having previously held senior positions at CapitaLand Limited, Singapore Tourism Board, Sentosa Development Corporation and the Singapore Ministry of Trade and Industry.

China

As Chief Executive Officer, China, Mr Ee Chee Hong will oversee Ascott's operations in China. He was the General Manager for Guangzhou at CapitaLand China Holdings since December 2002, and has previously held senior positions in Singapore's Economic Development Board. Mr Ee will be assisted by Mr Richard Ong who was the General Manager of Swissotel Sydney at Fairmont Raffles Hotels International. Mr Ong has more than 20 years of experience in the hospitality industry.

Ascott is the largest international serviced residence operator in China. As China is one of the Group's key growth markets, the appointments of Mr Ee and Mr Ong are in line with its focus to expand the Group's presence there.About The Ascott Group

The Ascott Group is the largest international serviced residence owner-operator outside the United States with over 19,500 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region. This includes over 5,500 units which are under development.

The Group operates three brands : Ascott, Somerset and Citadines. Its portfolio spans over 50 cities in 22 countries, 11 of which are new cities where Ascott's serviced residences are being developed. Ascott's properties can be found in cities including London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing 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 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 TravelWeekly Asia Industry Awards 2007 'Best Serviced Residence (Group)', China 2007 'Top 100 Serviced Apartments Award', 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: Accolades.

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.

For more information on The Ascott Group’s property listings, visit Group Directory Listing.

Media
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

Analyst
Lilian Goh, Head, Investor Relations

Tel: (65) 6586 7231

Hp: (65) 9795 5225   

Email: lilian.goh@the-ascott.com