Ascott Residence Trust grabs $174m in foreign properties

Bright outlook up ahead.

Ascott Residence Trust is gearing up for the next quarter where it is expected to have a stronger earnings base and broadened asset size and portfolio.

The Trust announced last week that it has completed the acquisitions of the serviced residence property (SR) in Malaysia and two SRs in China for a total property value of S$173.9m.

An OCBC report indicates that there could be a seasonal uplift, coupled with the completion of ART’s asset enhancement initiatives at several of its SRs such as Ascott Raffles Place Singapore, is likely to drive ART’s RevPAU upwards.

ART delivered a 13.8% YoY increase in revenue to S$88.1m and 8.3% rise in distributable amount to S$33.5m. This was due mainly to incremental contribution from its acquisitions over the past year and stronger performance from its existing properties, especially those in United Kingdom, Spain and Belgium. DPU for the quarter was down 10.6% to 2.19 S cents, but was expected given the larger unit base resulting from the Dec 2013 rights issue and one-off item amounting to S$4.0m in 2Q13.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit