Ascott opens first serviced residence in India

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.”

Source : Channel NewsAsia – 20 Jul 2011

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