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Wednesday, 20 July 2011

Ascott opens first serviced residence in India

SINGAPORE: Ascott, CapitaLand's wholly-owned service residence business unit, will open its first serviced residence in India and operations will start from August 1.

The 96-unit property - Citadines Richmond Bangalore - is strategically located along Bangalore's well-known Richmond Road in the Central Business District.

The property offers a mix of spacious studio, one- and two-bedroom apartments as well as facilities such as gymnasiums, conference facilities and serviced offices.

Ascott currently has six other properties under development in India, which will cost S$300 million when fully developed over the next three years.

Ascott's CEO Lim Ming Yan said: "Significant demand for serviced residences in India's fast growing economy has resulted in India being a key market for Ascott.

"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."

- CNA /ls

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