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Ascott Residence Trust
Annual Report 2015
Overview
Sustainability
Business
Review
Portfolio
Details
Corporate
Governance &
Transparency
Financials &
Additional
Information
Industries Development Zone of Xi’an; and the 249-unit
Citadines Zhuankou Wuhan is situated in the Wuhan
Economic and Technological Development Zone. In
October 2013, Ascott Reit announced the strata sale
of its 81 units in Fortune Garden Apartments in Beijing
(formerly known as Somerset Grand Fortune Garden
Property Beijing). As at 31 December 2015, 14 units
have been sold to individual buyers while the sales for
the remaining 67 units are currently ongoing.
The average length of stay at our properties in China
is about seven months.
2015 Review
According to EIU, China’s economy grew 6.9% in
2015, largely in line with the government’s target of
approximately 7.0% though it fell short of the 7.3%
growth in 2014. Even with the slowdown, China
remains one of the fastest growing countries among
the world’s major economies.
The Asset Enhancement Initiatives (AEI) at Somerset
Grand Central Dalian and Somerset Olympic Tower
Property Tianjin were successfully completed in
2015. The completion of AEI at Somerset Olympic
Tower Property Tianjin has brought about an uplift of
approximately 30% in Average Daily Rates (ADR) of
the refurbished units. The phased AEI at Somerset Xu
Hui Shanghai, which commenced in 2014, is currently
ongoing. After the latest phase of AEI was completed
in 2Q 2015, ADR of the refurbished apartment units at
Somerset Xu Hui Shanghai increased by approximately
35%. The remaining phases of refurbishment works
are on track for completion in 2Q 2016. The upgraded
properties jointly contributed to an overall increase in
RevPAU by 1% from S$92 in 2014 to S$93 in 2015.
