Gross Rental Income
(S$’000)
Agreed
Property
Value
(S$’million)
FY 2014 FY 2013
Ascott Guangzhou
9,071
8,894
85.7
Citadines Biyun Shanghai
1
5,388
2,637
63.2
Citadines Gaoxin Xi’an
2
2,994
–
55.1
Citadines Xinghai Suzhou
1
4,013
2,180
23.2
Citadines Zhuankou Wuhan
2
2,591
–
51.4
Somerset Grand Fortune Garden Property Beijing
3
702
4,743
52.8
Somerset Grand Central Dalian
4
3,224
–
118.6
Somerset Heping Shenyang
1
10,004
4,990
86.2
Somerset Olympic Tower Property Tianjin
8,039
8,031
76.8
Somerset Xu Hui Shanghai
5,890
6,484
51.5
Revenue Per Available Unit (S$)
FY 2014
FY 2013
Ascott Guangzhou
120
117
Citadines Biyun Shanghai
1
82
78
Citadines Gaoxin Xi’an
2
76
–
Citadines Xinghai Suzhou
1
65
70
Citadines Zhuankou Wuhan
2
66
–
Somerset Grand Fortune Garden Property Beijing
3
–
156
Somerset Grand Central Dalian
4
85
–
Somerset Heping Shenyang
1
102
99
Somerset Olympic Tower Property Tianjin
103
103
Somerset Xu Hui Shanghai
96
106
2014 Review
According to EIU, China’s GDP growth in 2014 was 7.3% despite domestic reform stimulus,
compared with 7.7% in 2013. The acquisition of the three properties in 2014 has enabled our
expansion into the fast-growing cities of Dalian, Wuhan and Xi’an. The three newly acquired
properties, which are strategically located within economic zones with a ready catchment for
corporate travellers, have registered healthy operational performance.
We commenced the strata sale of 81 units in Somerset Grand Fortune Garden Property Beijing since
October 2013 and sales for the remaining 75 units are currently ongoing. Due to tight credit
environment and several measures introduced by the local government, the overall transaction
volume for high-end residential has been slow.
1 The property was acquired on 28 June 2013.
2 The property was acquired on 18 August 2014.
3 Ascott Reit has commenced the strata sale of its 81 units in Somerset Grand Fortune Garden Property Beijing as announced
in October 2013.
4 The property was acquired on 20 June 2014.
Operations Review
68 | Ascott Residence Trust Annual Report 2014
