Ascott to open its first property in India

KUALA LUMPUR: CapitaLand Ltd's wholly-owned serviced residence operator The Ascott Ltd (Ascott) will be opening the doors of its first property in India on Aug 1.

The Citadines Richmond Bangalore is a 96-unit serviced residence in Bangalore. Ascott has six other properties with more than 1,300 apartment units under development in India.

Next to be opened is the Somerset Greenways Chennai, scheduled to open late 2011 while the remaining five properties located in Ahmedabad, Bangalore, Chennai and Hyderabad are scheduled to open progressively in the coming three years.

Ascott chief executive officer Lim Ming Yan said in a statement on Wednesday, July 20 that the six properties will cost S$300 million (RM737.9 million) when fully developed over the next three years.

"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, " he added.

"It is timely for us to deepen our presence in Bangalore, which has been touted as the Silicon Valley of India," said chief investment officer Ronald Tay.

Citadines Richmond Bangalore boasts a mix of spacious studios, one- and two-bedroom apartments and is strategically located along Richmond Road in the Central Business District.