Ascott Opens its First Serviced Residence in India

Ascott, the world’s largest international serviced residence owner-operator, is expanding its network of service residences in India.

Its first property in India, known as the Citadines Richmond Bangalore, will be operational from August this year. Six more properties are currently under development across Ahmedabad, Bangalore (two properties), Chennai (two properties) and Hyderabad. Somerset Greenways Chennai, is scheduled to open later this year while the remaining five properties are scheduled to open progressively in the next three years.

Lim Ming Yan, Ascott’s Chief Executive Officer said, “India is a key market for Ascott as it has significant demand for serviced residences arising from the fast growing economy. Many local as well as multinational companies have grown their operations in the country. To tap into this growth, Ascott has already invested in six properties with more than 1,300 apartment units across four major cities in India. The six properties will cost S$300 million when fully developed over the next three years. Besides investment, we are also seeking opportunities for management contracts or lease agreements such as the Citadines Richmond Bangalore to grow our network in the country.”

Citadines Richmond Bangalore at Richmond Road will offer a studio, one and two-bedroom apartments for short and long-stay travellers. Each apartment is equipped with a kitchen, en-suite bathrooms, separate work and living areas and other amenities. There is a gym and pool available too. Business executives will be able to make use of the serviced offices and conference facilities.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore, and has won several awards like the DestinAsian Readers’ Choice Awards 2011, ‘Best Serviced Residence in Asia Pacific’ and Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’ among others.

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