India is an important market for Ascott. There is a huge untapped demand but limited supply of serviced residences to cater to the increasing number of expatriates and travellers
(PRWEB) September 30, 2011
CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), continues to expand its presence in India with the soft opening of its first Somerset brand of serviced residence in the country. The debut of the 187-unit Somerset Greenways Chennai follows the recent opening of the 96-unit Citadines Richmond Bangalore.
Besides Somerset Greenways Chennai and Citadines Richmond Bangalore, Ascott has five other serviced residences with more than 1,100 apartment units under development in India. The five properties are scheduled to open progressively in Ahmedabad, Bangalore (two properties), Chennai and Hyderabad by 2015. In total, Ascott's seven properties in India will have over 1,400 apartment units and will cost more than S$300 million (US$250 million) when fully developed.
Mr Ronald Tay, Ascott's Chief Investment Officer who oversees the company's business in India, said: “India is an important market for Ascott. There is a huge untapped demand but limited supply of serviced residences to cater to the increasing number of expatriates and travellers. Our strategy for India is to expand in the high growth cities with strong demand for international-class serviced residences and we will do so through investments, management contracts or lease agreements. Besides Ahmedabad, Bangalore, Chennai and Hyderabad, we will look at extending our footprint to other cities including Mumbai, Pune and New Delhi. Our target is to grow from our current 1,400 apartment units to 4,000 units in India by 2015.”
“Chennai is a key city in our India network as it is a major business process outsourcing destination for IT and IT-enabled services. Chennai's growing automobile manufacturing and telecommunications industries also continue to attract large numbers of expatriates and business travellers. The new Somerset Greenways Chennai offers business executives who are travelling with their families the warmth of home and work-life balance through its wide range of lifestyle and recreational facilities,” added Mr Tay.
Somerset Greenways Chennai is strategically located in MRC Nagar, a 10-minute drive from the central business district of Chennai where international banks, financial institutions and multinational companies are located. The serviced residence is close to commercial centres, leisure and entertainment hubs which feature retail stores offering exclusive international brands, fine dining restaurants, food courts and multiplexes.
Somerset Greenways Chennai has soft opened with 48 apartments and its remaining 139 units will be ready by the end of the year. The serviced residence offers a range of stylish studios, one- and two-bedroom apartments as well as a three-bedroom apartment. Each apartment features a fully-equipped kitchen, separate living room and state-of-the-art home entertainment system. The extensive facilities include an infinity swimming pool and roof top Jacuzzi amidst a landscaped garden, a gymnasium, steam room, sauna, two restaurants that serve international cuisine, a lounge bar and a business centre with efficient support services. Residents can entertain their friends in the privacy of their spacious apartments or enjoy a barbecue at the roof top garden with their family while their children have fun at the play area.
To celebrate the opening of Somerset Greenways Chennai, Ascott is offering introductory rates from INR 5,999 per night for a studio apartment to INR 19,000 per night for a three-bedroom apartment until 31 December 2011. The rates are subject to taxes and include daily buffet breakfast, one-way airport transfer, welcome hamper, complimentary broadband Internet access, daily newspaper and daily shuttle service to Chennai's largest shopping mall, Express Avenue mall.
For reservations and more information on Somerset Greenways Chennai, please visit http://www.somerset.com/en/india/chennai/somerset_greenways.html, call (91-44) 7101 0000 or email enquiry.chennai(at)the-ascott(dot)com.
About The Ascott Limited
The Ascott Limited is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of more than 28,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 12 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 Business Traveller Asia-Pacific Awards 2011 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residencein Asia Pacific’, TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’, Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’ 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.