ASCOTT APPOINTS NEW COUNTRY GENERAL MANAGER TO STRENGTHEN ITS LEAD IN THAILAND

Bangkok, 12th May 2011 - CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has appointed Mr Mark Chan as its new Country General Manager for Thailand with effect from 1 May 2011. Mr Chan will oversee Ascott’s operations and grow its serviced residence business in Thailand.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia & Australia, said: “Ascott has maintained our pole position as the largest international serviced residence owner-operator in Thailand despite the global financial crisis and domestic political challenges. We currently have over 1,500 apartment units in eight properties in Bangkok and we will continue to look for opportunities to strengthen Ascott’s lead in Thailand. Mark has a wealth of experience in strategic investments and asset management. He is well-positioned to drive Ascott’s growth in Thailand.”

Mr Chan has been with Ascott since May 2010 as Senior Vice President, Business Development & Asset Management. In his previous role, he supported Ascott’s Corporate Business Development in identifying new opportunities to expand Ascott’s portfolio through investments and management contracts. Mr Chan has more than 20 years of work experience in banking and investment.  He has worked in several international and local banks including OCBC, HSBC, ANZ and UBS bank in Singapore.

Mr Chan said: “I look forward to working with the team in Thailand to expand Ascott’s presence in the country. Besides building upon our strong portfolio of properties in Bangkok, we will seek opportunities to extend Ascott’s footprint to key cities such as Pattaya, other cities in the Eastern Seaboard area and Phuket. With Ascott’s proven expertise in managing award-winning serviced residences around the world, we are confident that Ascott will continue to offer the perfect home away from home for global travellers on both short and long visits to Thailand.”

Ascott offers three distinct brands of serviced residences – Ascott, Citadines and Somerset – which cater to travellers’ different lifestyles. Travellers can choose from Ascott’s eight international-class serviced residences which are all in prime locations. They are Ascott Sathorn, Citadines Sukhumvit 8, Citadines Sukhumvit 11, Citadines Sukhumvit 16, Citadines Sukhumvit 23, Somerset Lake Point, Somerset Park Suanplu and Somerset Sukhumvit Thonglor.