But CEO warns of impact from global slowdown SERVICED apartments owner Ascott Residence Trust is offering a 9-per-cent higher dividend payout to unitholders for the second quarter after room rates increased. It yesterday announced a total distributable income of $13.3 million, or 2.19 cents per unit, thanks to growth across its portfolio, which comprises 37 serviced-apartment residences across...
Service Apartments
Ascott Residence Trust is setting itself a mid-term target of having emerging markets form 70 per cent of its portfolio. The trust's current holdings of S$1.5 billion are split 50-50 between what it terms stable economies like Japan, and emerging ones like Vietnam. It made the comment when announcing its first half earnings on Wednesday. Emerging markets are proving to be a lucrative proposition for...
Frasers Hospitality - the property arm of mainboard-listed Fraser & Neave - is planning to grow its presence in the emerging markets of China, India and Vietnam. Revealing this at a news briefing on Thursday, Frasers said it plans to add about 5,000 serviced apartment units to its portfolio over the next two years. It is scheduled to open 10 new properties this year, and another 25 over 2009 and...
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...
Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator. From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company. It will be delisted from the Singapore Exchange with effect from 29 April. CapitaLand said the privatised Ascott will enhance the company's competitive advantage of having a fully integrated real...
Property developer UOL Group has unveiled a new luxury serviced apartment, marking its entry into the extended stay business. Pan Pacific Serviced Suites, located in the Somerset area, will open for business in April. It offers 126 deluxe units, which come with personal assistants to tend to the needs of guests. Besides waking up to a view of downtown Singapore in an apartment kitted out with designer...
The Ascott Group has reported an 8 percent increase in full-year earnings, in line with market forecasts. Net profit came in at S$177.3 million. The jump was due to an increase in rental rates as well as higher portfolio gains from asset divestment and revaluation. The owner-cum-operator of serviced residences said it is looking to further grow its portfolio in the next two years. The Ascott Group now...
This is the forecast given by Far East Organisation. The serviced residences sector is seeing a nice pick-up in demand, thanks to growing business travel and rising tourist arrivals. Occupancy is now above 90% percent and rental rates have risen by some 15% to 20% last year. The momentum is expected to continue with some operators forecasting another 15% to 20% jump this year. Far East says demand for...