Ascott to operate CapitaLand’s first serviced residence in India

It will rebrand a 96-unit serviced residence in Bangalore that was secured through a lease agreement.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, will rebrand the property as Citadines Richmond Bangalore and operate it from 1 August 2011. This will be Ascott’s first property to open in India.

Besides Citadines Richmond Bangalore, Ascott has six other properties with more than 1,300 apartment units under development in India. The six properties are located in Ahmedabad, Bangalore (two properties), Chennai (two properties) and Hyderabad.

Of the six properties, Somerset Greenways Chennai, is scheduled to open later this year while the remaining five properties are scheduled to open progressively in the next three years. In Bangalore, with the addition of Citadines Richmond Bangalore, Ascott will have three properties with over 500 apartment units.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “India is a key market for Ascott as it has significant demand for serviced residences arising from the fast growing economy. Many local as well as multinational companies have grown their operations in the country.”

Citadines Richmond Bangalore is located along Richmond Road in the Central Business District. The property is close to prominent high street retail destinations such as Mahatma Gandhi (MG) Road and Brigade Road.