130
Ascott Residence Trust
Annual Report 2015
No secondary segment has been presented as the Trust invests predominantly in serviced residence properties.
On 31 December 2015 and 31 December 2014, Somerset Liang Court Property Singapore, Citadines Mount
Sophia Property Singapore and Ascott Raffles Place Singapore were pledged as securities to banks for banking
facilities granted to the Trust (see note 15).
On 31 December 2015, the Manager engaged independent valuers, CBRE, to carry out valuations of the Group’s
serviced residences and rental housing properties, except for Somerset Ampang Kuala Lumpur. Somerset Ampang
Kuala Lumpur was valued by C H Williams Talhar & Wong Sdn Bhd (as consultant to CBRE).
On 31 December 2014, the Manager engaged independent valuers, Jones Lang LaSalle Property Consultants
Pte Ltd, to carry out valuations of the Group’s serviced residences and rental housing properties, except for Quest
Campbelltown, Quest Mascot, Quest Sydney Olympic Park, Citadines Central Shinjuku and Somerset Ampang
Kuala Lumpur.
Quest Campbelltown, Quest Mascot and Quest Sydney Olympic Park were acquired on 10 December 2014
and the valuations obtained for the acquisition as at 1 August 2014 by the independent valuer, Savills Valuations
Pty Ltd, were adopted as at 31 December 2014. Citadines Central Shinjuku was acquired on 16 October 2014
and the valuation obtained for the acquisition as at 10 September 2014 by the independent valuer, Savills Japan
Co., Ltd., was adopted as at 31 December 2014. Somerset Ampang Kuala Lumpur was valued by C H Williams
Talhar & Wong Sdn Bhd (as consultant to Jones Lang LaSalle Property Consultants Pte Ltd).
The Manager believes that the independent valuers have appropriate professional qualifications and recent
experience in the location and category of the properties being valued. The valuations included plant and equipment
located in the serviced residences and rental housing properties. The valuations adopted in the portfolio table
above were adjusted for values ascribed to plant and equipment.
Portfolio Statements
As at 31 December 2015
The accompanying notes form an integral part of these financial statements.
