10 | Ascott Residence Trust Annual Report 2014
ㅰᱨ〉⭅㟹㟪㑩⼗㴢 㠦㨰㴐ᱨ➍㨰㫳㜡㎸⧧ㇻ
㻀☨⭎㦞㣡㮟ᮣ㸆㨗➍㨰⭜⪆⫉☧⼗⫕⭁☨㋂⭱㲓⼈⧝
☨⪰⌔ᮣ ㅰ➍㨰⤀⒴⤀⨍ᱨ㢭㲂≻㑹ㅍ☨⹊⏦
⸻㙱䌆㟙⟞㣣⤇㴈 &LWDGLQHV 5DPEODV %DUFHORQD
㲓⏦⾽㑹✝☨䌆㟙⟞㣣⤇㴈 &LWDGLQHV 7RLVRQ Gᮯ2U
%UXVVHOV ㊿ⴋ㑓㾂ⱄ㵜⭩⼗㴢 ᮣ▙㖜ⰱ㝢⒯⟞㣣⤇
㴈ᮢ㝢ⱆ㖜ⰱ≰⼢㊧▙㥳⟞㣣⤇㴈㲓⨔㺠タ㗊㖜ⰱ⟞㣣
⤇㴈 6RPHUVHW +R &KL 0LQK &LW\ ㅅ㍰㸡㵀ⱌ㨾➍㨰ᱨ
㱸㠯㵀 ㅰ㠞⤀ᮣ㟠㖫ᱨㅅ㍰㮜㵀ⱌ㨾㸟㩌☨㔋⦽㩚
⪻㖜ⰱ⟞㣣⤇㴈ᱨ㮜⤜⭜ㅢ㵀 ㅰ㠞⤀ᮣ
㋀ⰼ㽥㱭㺬☨㣡㮟⧧⏥⛱㝗㔹☨⟞㣣㊹㺬ᱨ㫱㖥⢑㋮㥲☨
⟞㣣⤇㴈㮻⒱㢜㔈㣣⧧㩋㦀⿍☨㗑㫍ᮣ㵀⌧㲦㢜᮰⿍㱶
㮟☨≰㙱᮱ 㖺ⰻ⿍㱶▙Ⰵ :RUOG 7UDYHO $ZDUGV
⊒Ⰵ♈㔋ᱨ㣄わ☨㫱⭩▕㫱㖥⢑⟞㣣⤇㴈 $VFRWW
-DNDUWD ᱨ⿷ㅧ⸻㫱㖥⢑⟞㣣⤇㴈 $VFRWW
0DNDWL ᱨ
㨰⭩㋄㫱㖥⢑⹁⟐㖹⟞㣣⤇㴈 $VFRWW 5DIÂHV 3ODFH
6LQJDSRUH ᱨ⏦⾽㑹✝☨㖟䌆㟙⟞㣣⤇㴈 &LWDGLQHV
6DLQWH &DWKHULQH %UXVVHOV 㮾⭆ㅃㅧ⧴䌆㟙⟞㣣⤇㴈
&LWDGLQHV $UQXOISDUN 0XQLFK ⌧㗔㲐᮰⼸㥸⟞㣣⤇㴈᮱
㑗㮕 /HDGLQJ 6HUYLFHG $SDUWPHQW ᮣ╱㠖ᱨ㢭㲂㨰⭩
㋄㺲㬗㔈㣣㎸☨㋮⯶⟞㣣⤇㴈ᱨ㫱㖥⢑⹁⟐㖹⟞㣣⤇㴈
$VFRWW 5DIÂHV 3ODFH 6LQJDSRUH ᱨ㮜㟠㖫㑗⫉⡡⊒Ⰵ㦞
ㅅ㗔㲐☨᮰㖺ⰻ⼸㥸⟞㣣⤇㴈᮱▙Ⰵ :RUOGᮯV /HDGLQJ
6HUYLFHG $SDUWPHQW ᮣ㲂╱㟠㖫ᱨ⡡㣡㮟㮜㑗⫉
㫳㜡㔈⿍▙Ⰵ %XVLQHVV 7UDYHOOHU $VLD 3DFLÁF $ZDUGV
㋂㫍㢜᮰㫳㜡㾎⭧⟞㣣⤇㴈⤶ⴎ᮱ %HVW 6HUYLFHG
5HVLGHQFH LQ $VLD 3DFLÁF VW ᮣ
⤊⤨㽪〉☼㢭
〉⭅㟹⯿⭢㩦⭩㍿㽪〉⧧⟇㦅⤸ᱨ㱭⪇㋦㽪⡘㷒⍙ᮣ
Ⱜ㺣 ㅰ 㴨 㑓ᱨ㫱㖥⢑⤇㴈㨳㠄☨㽪⡘㷒⌴⿔
㢜 ᱨ㴜☱㲂㨰⭩㋄ⱄ㑘⤸⳨ 0$6 ➟⫑ⱄ⡛⿆
㚱⥂⛊☨ 㔋㦎ᮣ ㅰᱨ〉⭅㟹☨⺉㥒⌏㷳⌢㗷
㢞Ⓘ㵀 ⌢☨⯵ⶅ㙦㊿ᱨょㅰ㊿ⴋⰼ□⒱〉ⱊ㢜 ᱨ
㯄㨰㴐㽼□ⶾ㺲 㢜⤨⛊⺉⿔ᮣ
㵀㮥⤽⭷Ⓘ㽪〉⤸㔯㔳㽴⿓☨㟠㖫ᱨ⭅㟹㮜⻲㎳㑘㽪㎾
☤✂㬥⪇ᱨ㱭⪇⒌㋜㑘㽪⒱〉ᮣ ㅰ 㴨ᱨ㫱㖥⢑⤇㴈
㨳㠄㟜⥙➂㨾⽅ㅰ㋜⤨⛊ㅰ⺉⿔ ☨㷒㐭 㯄㑓㴐
㴢 㠦㨰㴐 ᱨ㦢㷒㣣㽪〉㗊⒉㑘㽪ᮣ〉⭅㟹㮜㗑╴⒱
⤂➂㨾㖨ㅰ㋜ㇻ㴐⭜⭱☨⤨⛊ㅰ⺉⿔㢜 ☨㷒㐭ᱨ㽼
㺗 㠦ㇻ㴐 㴢 㯄㨰㴐 ᮣ㸆㨗㷒㐭☨⒱⤂➂㨾㣐㮳
㝛㦆⼗⭅㟹㮾㱭⨋㝫⮔➂㨾㣐☇⌏⒌㋜㷒㐭☨㖯⻲ᮣ㟜⥙
㸆㨗㷒㐭☨➂㨾ᱨⰬ㺛㺣 ㅰ 㴨 㑓ᱨ㣄わ㮻ⲿ⒱⤂
⯿⭩㐦㊿ⴋ㷒㣣㋜㦎╹㐣ㅰ㟠㋜☨ ㅰ㫿⒌㺣 ㅰᮣ
ㅰ 㴨ᱨ〉⭅㟹㗑╴➂㨾 㯄㨰㴐㱨㩦㷒㐭ᮣ㸆㗁
㫱㖥⢑⤇㴈㨳㠄⤥㐦⭅㽪☨⼹㮥㺸㨼㖷ᮣ➂㨾㱨㩦㷒㐭☨
㽪ⱄ⌧㫤㚑㟪㑩㗏⤖㦞ㅅᮣ〉╴㷒㐭➂㨾㍿⪇⼗㫱㖥⢑⤇
㴈㨳㠄☨㽪⡘㷒⍙ᱨ㝗⡽⼗⏰㣣⼵⫆㩂ᱨ㮾⍏⒱⤂≿㣇
㵜⒌⫒㲞ᱨ㱭⪇㋦☉㢭Ⓘ㱸㑉☨⪰⌔ᮣ
⮎㲂⫕⭁㠌㷝㮟㣣㮾⭆⯿ 㱗⺉➕⪑☉㢭Ⓘ㱸㑉ᱨ
㑘㽪⫆⛑㺣⤴㺺㮔ᮣ㸡㑥⭅㟹㲂 ㅰ 㴨㟜⥙☉㢭⤥㐦
㙵ㅂ㑘㽪㴢 㯄㨰㴐ᱨ㮾⭆ ㅰ 㴨㟜⥙➂㨾⤥㐦ㅂ
⭅㴢 㯄㨰㴐㮥㬥ᱨ㑥㱸㩖㮔ᱨ⭅㟹㑒⪹ⶌ⿑㦢㍱㵀㟪
㽪㸃㈨㗕㨰⤥ᮣ⡡Ⳬ░㺞㵀⭼⤧⢕㺸ⓗⶾ㎾☤ᱨ⏌㊿⧼㦆
㱸㲓㍱㵀☉㢭Ⓘ㱸㑉㺐⭺☨⺉㯐ᮣ
ㅰᱨ㣄わ㵀㠖⌾⌏㺗➝ギ⏳㐟⼗⢚⫕⭁☨⍈㦅░㖣ᮣ
⢗⳯⛶ㄹ㨗⫍⌾⏒⛑☨㴊␌ᱨ⮎㲂㑓㴐ᮢㇻ㴐⧧㱊⊥㵀☉
㢭㨳㠄㈍㥒㺲㚱㷠⌴⺋㦐☕▙ᱨ⭅㟹㟜⥙㴜㋜⪻⿔⛶Ⓧᱨ
⥂⍈⟇㦅ᮣギ⛶㸆⏥㢺⛊☨㗊⒉ᱨ㣄わ⯿⭢㩦⏳㐟⫕⭁░
㖣ᱨⰉ☱⪻⿔⏒⛑⛶☉㢭Ⓘ㱸㑉㈍➂⨆⺉㗖㯐☨㱘㦜ᮣ
㺉Ⓘ☕☼㔣㎸
㋵㮟㔣⪹㵖㑌㖶㺷㗁㣄わⲿ㱒㺲⏥⫊㐯☨㺺㮔⏩➶ᮣ
ⱅㅰᱨ㣄わ㲓☦㥓㠯⫑ⱄ⧩㾗ᱨ㢜㖺ⰻ㩩タ⪹⒓☠☨
㜞⟇⦽㬌Ⳛ㴼㺺⯼ᱨⓗ⭅㔂ⶾᮣ㋦㺲ᱨ㢜㴢⹊▕☼㎸☨
Ⳛ㴼㺺⯼⤎ⓗ☧ ➦⿓⍢⌴㚯 㴢 㨰㴐 ᱨ㢜ⱐ
㠦⟇㴼㩀▌㸃㝗⤅ⱈ⭇㽁㚱⧧㔶⫆⍄㩖㊹ᮣ ㅰ
㴨ᱨ㴣ㅕ☨㴗⤀㮜㾉㺑⼗㮥㥥⼜ㅂ⳺⫆⛑ᱨ㋦㺲㮥㦞⤎ⓗ
⭅ 㠦㴣ㅕ⛾ 㴢 㨰㴐 ᱨ㢜⧭ㅠ╟≠▋ 7KX\ $Q
㨹⯼ス㔝ᱨ⡢㔂☕☼㑳㗀✛㟣㽼㝛㔶⫆㝫⮔ᮣ㣄わ⭷㗒
⪏⌏ㅴᱨ⤠⺆Ⓘ㩦➂㷝ᱨ㵀㴗⤀㲓⤧㺲⒓☠Ⱞ㴢㙦
♋ᮢ⮋㔕⹙➱ᮢ㽪㴚㫙⪏㴿⺉㱫ᮣ
㷝㠯㢦⹂
㖺ⰻ㯢㨾 7KH:RUOG%DQN ⧧⥖⭠⫍⌾⫑ⱄ㾉㺑 ,QWHUQDWLRQDO
0RQHWDU\ )XQG 㮻㥲♛⼗ ㅰ㐩㎲ⲿ⭙㵜⒌☨㴊␌ᮣ
ㇻ㻀ⲿ⭙⡒㚍㍰Ⳃ⏥タᱨ㮾⭆㫳㻀ⲿ⭙㵜⒌➥⪒☨㎷㗀ᱨ
⛞㴊⭜⯿Ⓘ㩦㺣 ㅰᮣ㚜㐹㴱㱒⪏ⳅⓌ〄㝪㷡ᱨ㣄わ㴊
⭜㫱㖥⢑⤇㴈㨳㠄⯿⌏Ⓘ㢺⛊➂㷝ᮣ㋀ⰼ✂㴐⪇☨㱭㺬㟪
㽪㾉⧩ᱨ㣄わ㱸㨳㨲ᱨ㫱㖥⢑⤇㴈㨳㠄㑒⯿㷠⳯㱸⺉☨Ⳍ
㸝㱭㗀ᱨ㢞Ⓘ⼈⧝☨㮟⬾ᮣ㴣 ⥖ ▙⒯㗊☨㽪ᱨ
㢜⭅㟹☨㗏㯐㝗⤅⼗㍿㱸⻲☨㺉Ⓘᮣ㟠㖫ᱨ㽈㽂㲂⒌㽁
☨⟞㣣⤇㴈㔈㮟ㄩ㖷㲓⧧㋮㥲☨㱭㺬㣡㮟ᱨ㮾⭆㻙㾂⼪㋷
㴢⧧⌏㷳㾎☱㱒㮟㗏㑩☨⟞㣣⤇㴈⤸⧩㟠ᱨ⯿⭢㩦㢜㣄
わ☨㢺⯵➂㷝㝗⤅⭷㖯⫑╇ᮣ
㣄わ⯿⭢㩦⫕⭁㫜㎳㵀㫳㜡㎸⧧ㇻ㻀㻙㮔⒯㗊☨㵜㺗㗏⤖
㋷⫒ᱨ㝗㔹㟪㽪㾉⧩⭱㺗ᱨ⏌㟜⥙⢕㺸㽪㵜㺗⭜⪆ᱨ⪰
⌔☉㢭Ⓘ㱸㑉ᮣ㣄わ㦐㨳ᱨ㟜⥙⫕⭁☨㽪〉㫙⪏⧧ ⫊㽪
㺺㾉ᱨ≿㣇⧩㗄☨㗊⒉⫒⪹ᱨ㣄わ⯿ⱌ㮥⏧㵜⭩☉㢭Ⓘ㱸
㑉☨㟪㽪⭱㺗ᮣ㣄わ㮜⯿⭢㩦⌏Ⓘ㍿Ⲵ☨㽪⡘㷒⍙ᱨ⏌
⌏Ⓘ㽪ⱄ㎾☤⧧㑘㽪ⰵ⤕☨⼵⫆㩂ᮣ
⮎㲂 ㅰ 㴨➂⏦☨0$6㽩㢶㺲⛶㨰⭩㋄㨳㠄⫑ⱄ㗊⒉
☨㝗㯓ᱨ⛏㖼⪹⧧⤸␍㔯␓⏌㟜⥙➧㸡㖷㝌ᱨ㮻㸡㖷
㦢0$6㝗Ⰿ⼗➔ⸯ㯌⮑ᮣ㾗㢜㮟ⰻ㻙㮔■⍙㺐㮥ᱨ㣄わ㦐
㨳㸆㨗➔ⸯ⯿㢜0$6⭊⯿ⓞ㜞☨㥥⼜㨾㮟➈⥂㝗⤅㮥⢔㐩
㈐㗍Ⱋᮣ
㨰⭩㋄㸢⡌㲂 ㅰ 㴨 㑓➂⏦☨ ⏰㸢ㅰ㴊㚛≦
㺲㩩⏦ᱨ⯿㚱☧㙨⧧㦫➱㙨㱭⪵㫿⒌㣗ㅰᱨ⏌⯿㮾⢚㠞㔂
☨㦫➱㙨㱭⪵⫒㺨ᱨ╿ⱌ➟☼㟪㽪㨳㠄ⱌ㨾ㄹ㨗㝎⛊☨
㑘㽪ㅂⶾᮣ⛶㲂㸆㦞㫿⒌㱭⪵☨░㖣ᱨ㝎⍜㗁⭢㩦㣐㩙
㢜⦽㠖㽪☨㗏㑩Ⱍ㙨㱭⪵ᱨ㣄わ⮑㋦⒱ᱨ㗍㢜⺉⧝ᮣ
⏥⥙ᱨ⤖⿼㨰⭩㋄➟㱉⪀㙨㱭⪵⯿㲂 ㅰ 㴨 㑓㖡
㨕ᮣ☏㣄わ㴊␌╱Ⳬ⏌⏥⪹⛶㫱㖥⢑⤇㴈㨳㠄㔶㑌⧨㺺
▙㱘㦜ᮣ
㾎⨍ᱨ㣄わ㥓㠯㦢⛏㖼⪹⧧㐩㝛㴗⤀⍙㖸㺶㨲☨㨩㯌ᮣゃ
㱸▙⭨☨㨯㎚⟎㦇㲓Ⳇ㮟ⲽ㔭ᱨ㣄わ⏥ㅢ㐟☧㑥╱Ⱂ㑉
☨㮟⬾ᮣ㣄わ㮜㥓㠯㦢⟞㣣⤇㴈⩿ᮢ☉㢭㨳㠄Ⓘ㱸㑉⭆
㮟㣣⫇⊗㺤㨩ᱨ⡮㨩▙⭨☨⒌㋜㺉Ⓘᮣ㣄わ⯿⭢㩦㺤⻲㲂
㠌㷝㮟㣣ᱨ㝗⡽㟪㽪㾉⧩⍙㦆ᱨ⏌㋜▣ㆀ☨▙⻲㺉Ⓘᮢ
ⰶ⧧㈨⧩ᮣ
⼢㑓⏒
㻙㥟
㺅㢶⪬
㽼⏭
ㅰ 㴨 㑓
㺤☉㢭Ⓘ㱸㑉㺐㨳⧉
