As one of the key growth engines of Asia, India continues to attract foreign investments due to its huge domestic market and sizeable educated workforce.
(PRWEB) February 2, 2011
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a joint venture with RMZ Corp, one of India's leading real estate developers, to develop a 203-unit serviced residence in Bangalore. Ascott will acquire a 50% stake in the joint venture company for INR 151.75 million (approximately S$4.36 million) while RMZ Corp will hold the remaining stake. The new Citadines Galleria Bangalore will be Ascott’s first Citadines apart’hotel and second property in Bangalore. Ascott will manage the property when it opens in 2014.
Mr Ronald Tay, Ascott’s Chief Investment Officer who oversees the company’s business in India, said: “As one of the key growth engines of Asia, India continues to attract foreign investments due to its huge domestic market and sizeable educated workforce. With increasing business travel into India and inter-city travel, demand for quality accommodation will grow. Ascott will open our first property in India, Somerset Greenways Chennai, this year. Our partnership with RMZ Corp will allow us to leverage on each other’s strong brand reputation and expertise to further scale up Ascott’s presence in India. With Citadines Galleria Bangalore, Ascott will have close to 1,600 apartment units across seven properties in Bangalore, Ahmedabad, Chennai and Hyderabad. Besides expanding our presence in these cities, we will continue to seek opportunities for growth in other cities such as Mumbai, New Delhi and Pune.”
Citadines Galleria Bangalore will be located in Yelanhanka, which is easily accessible by major highways and has excellent connectivity to the Bangalore International Airport and Central Business District. The property is also close to industrial parks such as the Kirloskar Business Park and Manyata Tech Park.
Citadines Galleria Bangalore will be part of a mixed development known as RMZ Galleria that includes a shopping mall and an office tower. Award-winning DP Architects from Singapore has been appointed as the architectural consultant for the entire development. Featuring vibrant and contemporary design, the serviced residence will offer studio, one- and two-bedroom apartment units and facilities such as a gymnasium, swimming pool and food and beverage outlets.
Mr Manoj Menda, Managing Director of RMZ Corp, said: “We are pleased to partner Ascott as it is the world’s largest international serviced residence owner-operator. With 27 years of experience in managing award-winning serviced residences globally, we are confident that Ascott will be able to enhance the value of our development and increase its appeal to discerning international travellers. Besides staying in a world-class serviced residence, guests of Citadines Galleria Bangalore will enjoy a unique shopping experience at the RMZ Galleria which will offer over 200 stores, a nine-screen cinema and a hypermarket.”
About The Ascott Limited
The Ascott Limited is the world's largest international serviced residence owner-operator with over 21,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 5,000 units which are under development, making a total of more than 27,000 units.
The company operates three brands –Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 11 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. It also established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include TTG Travel Awards 2010 'Best Serviced Residence Operator', Business Traveller UK Awards 2010 'Best Serviced Apartment Company', Business Traveller Asia-Pacific Awards 2010 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', TTG China Travel Awards 2010 'Best Serviced Residence Operator in China' and DestinAsian Readers' Choice Awards 2010 'Best Serviced Residence in Asia Pacific'.
About CapitaLand Group
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities in the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.
About RMZ Corp
Established in 2002, RMZ Corp is one of India’s leading real estate developers. In the past seven years, RMZ has acquired and developed over 13 million square feet of land and today manages a property portfolio in excess of US$3 billion in real estate value across India, making it a leading supplier of corporate space in the country. Over 90 world-class corporations including Accenture, AOL, Airbus, British Telecom, Ford, Google, Reuters, Shell, E&Y and EDS occupy work spaces built and managed by RMZ.
Taking forward its expertise in building office spaces, RMZ today has forayed into serviced residences with Citadines Galleria Bangalore to be developed in joint venture with The Ascott Limited. The property will have 203 spacious and well-equipped serviced apartments.
RMZ is headquartered in Bangalore with branch offices in Chennai, Hyderabad, Kolkata and Pune. The company has expanded its activities to Mysore, Mangalore, Coimbatore, Kochi and Nagpur. It is a founding member of the Indian Green Building Council as well as a member of the US Green Building Council. Awards include RMZ Ecospace Kolkata being one of the first buildings in India to have received a platinum pre-certification by LEED.