Ascott to launch its first serviced residence in India
THE Ascott Limited (Ascott), has secured a 96-unit serviced residence in Bangalore, through a lease agreement together with CapitaLand, which will see the property rebranded as Citadines Richmond Bangalore.
Operating from this month, this will be Ascott’s first property in India.
Besides Citadines Richmond Bangalore, Ascott also has six other properties with more than 1,300 apartment units under development in India.
The six are located in Ahmadabad, Bangalore (two properties), Chennai (two properties) and Hyderabad.
Somerset Greenways Chennai is scheduled to open later this year while the remaining five are planned to launch progressively over the next three years.
In Bangalore, with the addition of Citadines Richmond Bangalore, Ascott will have three properties with more than 500 apartment units.
Lim Ming Yan, Ascott’s CEO, 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$300m ($247m) when fully developed over the next three years. We are also seeking opportunities for management contracts or lease agreements, such as the Citadines Richmond Bangalore, to grow our network in the country.”
Ronald Tay, Ascott’s chief investment officer who oversees the company’s business in India, added: “Given the strength of the IT sector in India, it is timely for us to deepen our presence in Bangalore, which has been touted as the Silicon Valley of India. Due to the lack of international quality serviced residences in Bangalore, Citadines Richmond Bangalore is well-positioned to cater to the rising demand. Citadines Richmond Bangalore will offer independent travellers the comfort of home in a world-class serviced residence and the flexibility to choose the services they require to create their own stay experience.”
The property is located along the well-known Richmond Road in the central business district and close to prominent retail destinations. It will offer a mix of spacious studio, one- and two-bedroom apartments to cater to the different lifestyle needs of short- and long-stay travellers. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas as well as modern amenities. Residents can relax at the swimming pool and the pool-side café or work out at the gymnasium and business travellers will be able to make use of the serviced offices and conference facilities.