The Ascott Group’s net profit from operations more than doubled from S$1.8 million in 1Q 2006 to S$3.8 million for 1Q 2007, despite the divestment of 15 properties last year. The Group’s majority serviced residence operations achieved impressive growth in overall revenue per available apartment unit (RevPAU) from S$109 in 1Q 2006 to S$124 in 1Q 2007 on a same store basis.

Mr Cameron Ong, Ascott’s Managing Director & CEO said: “Business and market sentiments in Asia and Europe remain positive and will continue to drive RevPAU growth for The Ascott Group’s serviced residences. The Group’s operating performance and portfolio gains in 2007 are expected to remain strong and profitable.”

Similarly, Ascott Residence Trust (ART) has also posted positive results for 1Q 2007. For the period 1 January 2007 to 31 March 2007, ART achieved a net distributable income of S$8 million for unitholders – a 10% increase above forecast.