Ascott Residence Trust (Ascott REIT) achieved a unitholders’ distribution of $11.6 million for the period April 1 to June 30, 5% higher than the same period last year.

Distribution per unit (DPU) in the second quarter increased by 4% to 1.87 cents.

Unitholders’ distribution and DPU for the period Jan 1 to Jun 30 are $21.8 million and 3.53 cents respectively. The book closure date is Aug 2 and the distribution payment date is Aug 27.

Independent valuations of the group’s portfolio were conducted as at June 30. The portfolio was revalued at $1.56 billion, an increase of $31.7 million, or 2% compared to its last valuation on Dec 31 2009. Ascott Reit’s net asset value (NAV) per unit as at June 30 is $1.38.

Chong Kee Hiong, Ascott Residence Trust Management’s Chief Executive Officer, says, “Ascott REIT’s increase in revenue is primarily led by better performance in Singapore and China, with revenue per available unit (RevPAU) growth of 19% and 11% respectively in 2Q 2010 compared to 2Q 2009. The level of business activities in Singapore has increased in line with the strong economic growth, resulting in higher demand for serviced residences. The better performance of our Singapore properties is mainly driven by higher rental rates. In China, our Beijing properties are enjoying higher occupancies, whilst our Shanghai serviced residence is recording higher occupancy and rental rates due to increased demand in the city arising from the World Exposition 2010 Shanghai.”