Singapore-based Ascott, a wholly owned serviced residence business unit of CapitaLand, has opened two serviced residences in India — the 96-unit Citadines Richmond is in Bangalore and the 187-unit Somerset Greenways is in Chennai.
The company operates three brands 'Ascott' Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries.
Citadines Richmond Bangalore is located on Richmond Road, near MG Road and Brigade Road. This project offers apartment units ranging from studios to two-bedroom apartments. Facilities include a swimming pool and children’s pool, pool-side café, fully-equipped gymnasium, residents’ lounge, serviced offices as well as banquet and conferencing facility.
Somerset Greenways, which is located in MRC Nagar, 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 studios, one- and two-bedroom apartments as well as a three-bedroom apartments.
Amenities in this project include an infinity swimming pool, roof top jacuzzi and barbecue area amidst a landscaped garden, a gymnasium, steam room, sauna, an outdoor children’s play area, two restaurants that serve international cuisine, a lounge bar and a business centre with efficient support services.
Besides these two, Ascott has five other serviced residences with more than 1,100 apartment units under development in India. These five properties are scheduled to open progressively in Ahmedabad, Bangalore (two properties), Chennai and Hyderabad by 2015.
According to the company, in total, in India it will have over 1,400 apartment units and will cost more than $250 million (Rs 1,125 crores) when fully developed. Ascott targets to have 4,000 units in India by 2015.
Ronald Tay, Ascott’s chief investment officer, who oversees the company’s business in India, said, “India is an important market for Ascott. 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.”
