Mobile World Capital from 2011 to 2018 by the GSM Association. Besides the Mobile World
Congress, events such as Cardiology Medical Congress (one of the most important conventions in
the medical world), Med Conference (a key event in the cruise industry) and Exhibition for the
Incentive Business Travel and Meetings (EIBTM) have generated healthy demand for the hospitality
sector in 2014.
Following the successful AEI at Citadines Ramblas Barcelona which was completed in 1Q 2014, ADR
rose by close to 20%. Consequently, RevPAU improved 38% YoY from S$102 in 2013 to S$141 in 2014
mainly due to stronger demand for the newly refurbished apartments.
2015 Outlook
EIU forecasts a GDP growth of 1.9% in 2015. The growth will likely reduce the unemployment rate
which is projected at 22.7% in 2015. In Barcelona, despite the influx of new supply in the hospitality
sector, overall occupancy of the city has been well-maintained at approximately 70%. Barcelona has
been solidifying its position as one of the top destinations for shopping as reflected in the constant
launch of international brands. In 2014 alone, numerous international brands such as of Longchamp,
Disney and Urban Outfitters were introduced. The city is also an increasingly popular destination for
Meetings, Incentives, Conventions and Exhibitions (MICE). The number of MICE happening in
Barcelona is expected to grow in 2015. With the above favourable factors at play, coupled with a
newly refurbished property, we expect to enjoy stronger operational performance in 2015.
United Kingdom
4 Properties 600 Units
S$’million
Total Revenue (2014)
56.6
Total Gross Profit (2014)
25.2
Valuation as at 31 December 2014
524.4
Ascott Reit owns four freehold serviced residences in London under the Citadines brand. The
192-unit Citadines Holborn-Covent Garden London is located close to the financial district and West
End; the 187-unit Citadines Trafalgar Square London commands a prime location near the River
Thames, Trafalgar Square and Buckingham Palace; the 129-unit Citadines Barbican London is
situated in the Square Mile; and the 92-unit Citadines South Kensington London is conveniently
located close to embassies and popular tourist attractions in the fashionable residential area of
Kensington.
The average length of stay at our properties in London is less than one month.
Gross Rental Income
(S$’000)
Agreed
Property
Value
(S$’million)
FY 2014 FY 2013
Citadines Barbican London
8,867
7,503
75.0
Citadines Holborn-Covent Garden London
17,956 16,668
127.5
Citadines South Kensington London
8,363
8,052
71.1
Citadines Trafalgar Square London
20,202 17,772
130.9
Revenue Per Available Unit (S$)
FY 2014
FY 2013
Citadines Barbican London
186
156
Citadines Holborn-Covent Garden London
246
226
Pursuing Growth | 79
