Ascott Orchard Singapore, one of the quality assets acquired by Ascott Reit in 2017.
Revenue grew 6% year-on-year to S$134.5 million and gross profit increased 9% to S$64.2 million. This was mainly underpinned by additional revenue from Ascott Orchard Singapore and DoubleTree by Hilton Hotel New York – Times Square South that were acquired in 2017, as well as higher revenue from existing properties.
Ascott Residence Trust posted a strong third quarter with 3Q 2018 unitholders’ distribution and distribution per unit increasing by 8% to S$39.4 million (US$28.5m) and 1.82 cents respectively over 3Q 2017.
Revenue grew 6% year-on-year to S$134.5 million and gross profit increased 9% to S$64.2 million. This was mainly underpinned by additional revenue from Ascott Orchard Singapore and DoubleTree by Hilton Hotel New York – Times Square South that were acquired in 2017, as well as higher revenue from existing properties.
Revenue per available unit rose 8% to S$158, riding on higher demand for Ascott Reit’s properties in key markets including Singapore, China and Japan.
Beh Siew Kim, CEO of Ascott Residence Trust Management Ltd, said Ascott Reit’s key markets achieved strong operating performance in 3Q 2018.
“Singapore was the best performer with a 27% surge in gross profit for properties under management contracts due to higher market demand and average daily rate.
“Gross profit in Japan and United States grew 24% and 21% respectively. Japan saw higher corporate demand in Tokyo. Excluding Ascott Reit’s divestment of two properties in Shanghai and Xi’an in January 2018, gross profit in China increased 16%, bolstered by an increase in project groups on extended stay.”