Ascott in JV to develop second serviced residence in Bangalore

The Ascott, CapitaLand’s wholly-owned serviced residence business unit, 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 per cent stake in the joint venture company for 151.75 million rupees (about S$4.36 million), while RMZ Corp will hold the remaining stake.

The new 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 Ascott said in a statement.

It will be Ascott’s first Citadines serviced residence and its second property in Bangalore. Ascott will manage the property when it opens in 2014.

The 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 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 Ronald Tay, Ascott’s chief investment officer who oversees the company’s business in India, said: “With increasing business travel into India and inter-city travel, demand for quality accommodation will grow.”

He added that Ascott will open its first property in India – Somerset Greenways Chennai – this year.

“With Citadines Galleria Bangalore, Ascott will have close to 1,600 apartment units across seven properties in Bangalore, Ahmedabad, Chennai and Hyderabad,” Mr Tay said.

Mr Manoj Menda, managing director of RMZ Corp, said: “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.”

Source : Channel NewsAsia – 27 Jan 2011

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