The Ascott Limited (Ascott), a wholly-owned serviced residence business unit of CapitaLand, has opened two serviced residences in India in a month. The 96-unit Citadines Richmond Bangalore opened on 1 August while the 187-unit Somerset Greenways Chennai soft opened on 29 August 2011.

Besides Citadines Richmond Bangalore and Somerset Greenways Chennai, 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 US$250 million (INR 1,125 crores) 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.”

“Bangalore and Chennai are key cities in our India network as they are major business process outsourcing destinations for IT and IT-enabled services. Bangalore, as the Silicon Valley of India, is one of the fastest growing metropolises in India. Chennai’s growing automobile manufacturing and telecommunications industries also continue to attract large numbers of expatriates and business travellers. Ascott’s entry into Bangalore and Chennai will allow us to provide expatriates and travellers a quality accommodation that they can call home,” added Tay.

To celebrate the openings of Citadines Richmond Bangalore and Somerset Greenways Chennai, Ascott is offering special promotional rates from now till 31 December 2011.

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