Ascott Residence Trust - Annual Report 2014 - page 11

Pursuing Growth | 09
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⛶㲂㫱㖥⢑⤇㴈㨳㠄✚㬀ᱨ ⏰ㅰ㗁⼺㑉㸕➼ᮢ㙮⥗⹩
⹩☨㮥ㅰᮣ⪰⤧⥙㐣㮥ㅰᱨ㣄わ⒱⤂㗏⤖⼗ⳗ㦞㣡㮟ᱨ㽼
㺗⡽▕ 㯄㨰㴐ᮣ㲂╱ᱨ㫱㖥⢑⤇㴈㨳㠄☨㽪␤⥂ㄩ㮻
╹ ㅰ 㴨㔋㗊ⓝ㋜☨ⱐ 㯄㨰㴐㵜⒌☡㙼⌢✂ᱨ⡽▕
㯄㨰㴐ᱨㅰⴋ⡒㵜⒌⿔⡽▕ ᮣⰬ㺣 ㅰ 㴨
㑓ᱨ㫱㖥⢑⤇㴈㨳㠄☨㣡㮟㾉⧩⧇⡥ ⢔㣡㮟ᱨ ⭺
⤇㴈☉㢭ᱨ⍕⏦ ⢔⥖⭨☨ ⢔⒯㗊ᮣⳟ㽪␤⥂ㄩ✚⿥ᱨ
㫱㖥⢑⤇㴈㨳㠄㗁㵀㨰⭩㋄Ⰿ㯁㚱㔋㗊☨㾎▙Ⳙ♎⹮➟☼
␤㨳㠄⫑ⱄᮣ
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ㅰᱨ㫱㖥⢑⤇㴈㨳㠄ⶼ㚑㗏⤖⼗㢭㲂㙼⢔⥖⭨ ≲▙⺉
㫳ᮢ㺲⥖ᮢ㑓〉⧧⿷⹂㣩㫳 ☨ⳗ㦞㣡㮟ᮣ㸆㗁㽴㙼ㅰ㍰㗏
⤖ㇻ㻀㽪␤㾉⧩⭆㷡⿞㽊㨻㮾⹂ᱨ㣄わ㵀㮟㣣㠌㷝㔋⒱ⳟ
㾎㢜㻗ㅅ☨㮥ㅰᮣ ㅰ㮜⍖㺠㽥㫱㖥⢑⤇㴈㨳㠄⒱⤂ⱌ
ⴎ㣗▙㨰⒯㗊ᱶ⊪⸶㺲⥖☨▙⻸ᮢ㣖⧔⧧㣩≠ᱨ⿷⹂㣩㫳
☨⭀⾫㋄㮾⭆≲▙⺉㫳☨▙㥔ㅧ㎸ᮣ⏥ⱊ㑥╱ᱨ㣄わ㮜㗑
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⢕▙㗊⒉☨☼㢭ᱨ㟠㖫㮜≿㮟㣣⊔㟰⵺㠌㺣⿷⹂㣩㫳ᮣ
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ㅰ㮟㣣⸷㷩☨㽟㴣⒱⬾ᱨ㑁㣄わ⛶㖯㦆 ㅰ
㯄㨰㴐㽪␤㾉⧩☨ㅅ⍖Ⓦ〄㨳㨲ᮣ㵀 ㅰ㗏⤖☨ⳗ㦞
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㖯㦆㢺⛊㵜⒌☨⺉㑱⪰⌔
ⲳ⤸㮟㣣⸷㷩㯧㑉㽂ㅅᱨ㫱㖥⢑⤇㴈㨳㠄㑒㐹㵀 ⏰ㅰ
⭢㩦㐟☧ⓞ㓧☨㮟⬾ᱨ㐩ㅰ㽼㗏㑩▕ 㯄㨰㴐ᱨび⺉
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ⴋ㑩㽁⿔㢺⛊㵀 㾓㱺ᮣ
〉⭅㟹 ⏰ㅰ⛪㈍➂⨆⺉⌴㐣ㅰ㟠㋜㵜⒌ ᱨ▕☡
㯄㨰㴐⺈㖱㨰⡽ᱨょ☉㢭㈍➂⨆⺉㢜 ➶ᮣ⫑㲂
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㈍➂㢺⛊☨㗏㯐ᮣ⭅㟹㲂 ⏰ㅰ⛪㐟☧☨㽼び⺉㺲㴢
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㱭⪇㟪㽪㾉⧩ᱨ╚㵒⢚⡽⭱㺗
〉⭅㟹⯿⭢㩦㟜⥙㢺⯵☨㽪␤➍㨰⭜⪆ᱨ⤸⹻㦆㱸☨㟪㽪
㾉⧩ᱨ▞⛑㮟㣣㵜⒌ᱨ╹✚㱭⪇☉㢭Ⓘ㱸㑉☨⪰⌔ᱨ㮾⭆
〄㾃☕■⿍㸃㑓㯐㵜⒌☨㩖㎳ᮣⰬ㺣 ㅰ 㴨 㑓ᱨ㫱
㖥⢑⤇㴈㨳㠄㋮㥲㴢 ᱡ⟞㣣㖷⤇㴈㣡㮟⛞㮻ⲿ㠞⒱⫊㸡
㵀㖯㖣㽪␤➍㨰⭜⪆ᱨ㖝㲈 ☨㣡㮟⤜⭜⯿㵀 ㅰ㍰
㷝⵺➍㨰⭜⪆ᮣ㸆➝ギ☨㽪␤➍㨰⤸⹻⯿㖯㖣⥒⛑⭜⪆ᮣ
In view of the MAS consultation paper published
in October 2014, containing a set of proposal
for Singapore’s REIT market, the Board and
Management have reviewed it and responded
through informal discussion sessions as well as
formal submission of feedback to MAS. As one of
the key industry players, we believe our feedback to
MAS would provide a holistic view on the proposed
set of regulations.
More recently, on 23 February 2015, the Singapore
government announced in its budget for FY 2015
to extend the income tax and GST concessions
GPS mWF ZFBST 5IF (45 DPODFTTJPO UP GBDJMJUBUF
fundraising by special purpose vehicles set up
by REITs was enhanced as well. We view the
extension, especially for foreign-sourced income
tax exemption, favourably. However, the stamp duty
concessions, which are mainly for the purchase of
properties in Singapore, will be allowed to lapse
after 31 March 2015. Notwithstanding, we do not
foresee any material impact on Ascott Reit arising
from the removal of stamp duty concessions.
Lastly, we wish to extend our appreciation to our
fellow Directors and all our staff for their dedication
and commitment, without which we would not have
been able to deliver these results. We also wish to
express our thanks and gratitude to our serviced
residence guests, Unitholders and business
partners for their continued support. As we continue
to expand and deliver higher portfolio performance,
we look forward to your continued support,
cooperation and understanding.
/LP -LW 3RK
Chairman
7D\ %RRQ +ZHH 5RQDOG
$IJFG &YFDVUJWF 0GmDFS
25 February 2015
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