The Ascott Group (Ascott) has appointed Ms Jennie Chua as President & Chief Executive Officer with effect from 1 August 2007. She will be assisted by two deputies, Mr Chong Kee Hiong, the current Deputy CEO (Finance & Investment) and Mr Gerald Lee who has been appointed Deputy CEO (Operations).

Mr Chong Kee Hiong who is also the CEO of Ascott Residence Trust Management Limited will oversee the Group’s finance, investment, asset management, merger and acquisition, and investor relations functions. Mr Gerald Lee will oversee the Group’s global operations in Asia Pacific, Europe and the Gulf region.

In addition, Mr Ronald Tay will be Ascott’s Chief Investment Officer while Mr Ee Chee Hong has been appointed CEO, China and Mr Richard Ong, the Managing Director of China.

Ms Jennie Chua said: “These new appointments will bolster Ascott’s management bench strength and add to the Group’s capabilities. Ascott will be able to drive for greater growth and achieve our global expansion objectives by capitalising on our pole position in the serviced residence industry."

Ascott’s net profit in 2Q 2007 surged 75% to S$88.1 million (US$58 million), compared to its 2Q 2006 net profit of S$50.3 million. The Group’s net profit for 1H 2007 also increased 6% to S$97.8 million (US$64.4 million) from the S$92.6 million posted in 1H 2006. The strong profit was underpinned by the realisation of portfolio gains from divestments and the Group’s strong operating performance.

Similarly, Ascott Residence Trust (ART) has also posted strong results for 2Q 2007. For the period 1 April 2007 to 30 June 2007, ART achieved a unitholders’ distribution of S$12.1 million (US$ 8 million), which is a 58% increase over the same period last year. Distribution per unit for the same period is 2.01 cents, 18% increase over 2Q 2006.

Ascott has secured management contracts for two prime serviced residences in Kazakhstan’s cities of Astana and Aktau, to be named Ascott Astana and Citadines Aktau respectively. The contracts were awarded by Tsesna Corporation, a well-established conglomerate in Kazakhstan. In addition, Ascott has signed a Memorandum of Understanding with Tsesna to establish a framework for a strategic partnership to develop and manage serviced residences in the country.

Kazakhstan, which is the ninth largest country in the world by area, has strong oil and natural resource industries and has been attracting foreign investments and business travellers. The capital city of Astana has been fast developing as an attractive financial and investment hub, while Aktau is a major port and logistics hub in western Kazakhstan.

Ascott Astana will have about 200 units. It will be within World Trade Centre, an integrated development in Astana, which is a 20-minute drive from the airport. Citadines Aktau will have 120 units. Aktau is a city in the oil rich region overlooking the Caspian Sea. Both properties will be built by Tsesna and are targeted to open in the first half of 2009.

Ascott has acquired its first property in Scotland’s capital city of Edinburgh, from Gladedale Capital, which specialises in building high-quality commercial developments in the United Kingdom. Ascott will further furnish the seven-storey building into a 107-unit serviced residence to be named Citadines Edinburgh Quartermile. Ascott will invest a total of £24.7 million (US$50.3 million) including purchase and refurbishment costs.

Edinburgh is recognised as a key growth engine for Scotland’s economy, and is also one of the top 10 international conference and convention cities in the world. The capital enjoys strong tourism arrivals of more than 10 million visitors annually. There is therefore strong demand from both the leisure and business segments for accommodation in Edinburgh.

The property is targeted for opening by mid-2009. It will be within a premier business, residential and retail zone known as Quartermile, a major urban development project expected to be completed by 2012.