Ascott Residence Trust announced the appointment of Tay Boon Hwee as Chief Executive Officer effective Feb. 27, 2012. Mr. Tay joined CapitaLand Group in July 2001 and has more than ten years of experience in real estate investment and management. Prior to joining CapitaLand Group, Mr. Tay was in the banking industry for nine years in various senior positions in corporate and investment banking. The appointment is subject to the approval of the Monetary Authority of Singapore as required under the Securities and Futures Act (Cap. 289). Presently he is Head of Business Development and Asset Management of Ascott Residence Trust Management Limited.