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06 | Ascott Residence Trust Annual Report 2014
(Left) Lim Jit Poh, Chairman
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Dear Unitholders,
2014 was an active and rewarding year for
Ascott Reit. In the year under review,
we completed acquisition of nine properties with
an aggregate property value of S$559.1 million.
Consequently, Ascott Reit’s total assets have
more than quadrupled to S$4.1 billion from its
initial listing total assets of close to S$1.0 billion
in March 2006, a compound annual growth rate
of 18.1%. As at 31 December 2014, Ascott Reit’s
portfolio comprises 10,502 apartment units in
90 properties across 37 cities in 13 countries.
By total assets, Ascott Reit is the largest
hospitality REIT listed on the SGX-ST.
Pursuing Growth
The swift acquisition of the nine properties in four
countries (Australia, China, Japan and Malaysia)
in 2014 was Ascott Reit’s most exceptional year
since its strategic and transformational purchase
of the European portfolio four years ago. 2014 also
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Dalian, Wuhan and Xi’an in China, Kuala Lumpur in
Malaysia and Greater Sydney in Australia. We also
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located in the heart of Shinjuku, Tokyo, with the plan
to re-position it as a serviced residence in 2015.
Through these actions, we have strengthened
our presence in the key hospitality markets of
China, Japan and Australia and also forayed into
Malaysia. These new properties have enhanced
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regional and economical cycles.
Our remarkable expansion trail in 2014 has set us
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our target portfolio size of S$6.0 billion by 2017.
Out of the nine properties acquired in 2014,
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capability in sourcing and executing. While we
aggressively capitalise on expansion opportunities,
we remain focused and disciplined in the choice of
our acquisitions and the key markets.
