(PRWEB) July 24, 2011
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a 96-unit serviced residence in Bangalore through a lease agreement. Ascott will rebrand the property as Citadines Richmond Bangalore and operate it from 1 August 2011. This will be Ascott’s first property to open in India.
Besides Citadines Richmond Bangalore, Ascott has six other properties with more than 1,300 apartment units under development in India. The six properties are located in Ahmedabad, Bangalore (two properties), Chennai (two properties) and Hyderabad. Of the six properties, 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. In Bangalore, with the addition of Citadines Richmond Bangalore, Ascott will have three properties with over 500 apartment units.
Mr 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.”
Mr Ronald Tay, Ascott’s Chief Investment Officer who oversees the company’s business in India, said: “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, Ascott’s first property in India, 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.”
Citadines Richmond Bangalore is strategically located along the well-known Richmond Road in the Central Business District. The property is also close to prominent high street retail destinations such as Mahatma Gandhi (MG) Road and Brigade Road. Many Grade-A office developments and other commercial establishments are also in the vicinity.
Citadines Richmond Bangalore 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. Business executives will be able to make use of the serviced offices and conference facilities.
About The Ascott Limited
The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as about 6,000 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, 14 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. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China', 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’ and TTG Travel Awards 2010 ‘Best Serviced Residence Operator’.
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 of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.