Ascott Reit continues to grow

By Romesh Navaratnarajah:Ascott Residence Trust (Ascott Reit) has recorded a six percent rise in revenue for the first quarter - from S$67.3 million to S$71.6 million, mainly attributed to the S$1.9 million in contribution from Citadines Shinjuku Tokyo as well as stronger performance from its serviced residences in the UK, Philippines and China.

Gross revenue for the quarter also rose two percent to S$37.2 million, up from S$36.4 million over the same period last year.

"Revenue per available unit (RevPAU) in China, The Philippines and United Kingdom grew by 22 percent, 15 percent and nine percent respectively over the same period last year, mainly led by better operating performance," said Ronald Tay, Chief Executive of Ascott Residence Trust Management Ltd (ARTML), the manager of the trust.

The trust had more project and relocation business in China while assets in the Philippines recorded higher demand from the oil and gas, business process outsourcing and aircraft engineering industries.

Meanwhile, Citadines Prestige Trafalgar Square London (pictured) has performed well, especially after the completion of its renovation and rebranding works.

"The upcoming London Olympics is also expected to have a positive impact on our properties in United Kingdom," said Tay.

"Ascott Reit will continue to actively manage our assets and implement asset enhancement initiatives to maximise returns to Unitholders. We expect our operating performance to be profitable in 2012." Related Stories:GuocoLand recovers from poor performance

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