SINGAPORE: The Ascott Ltd, a subsidiary of CapitaLand Ltd, has opened its first Somerset serviced residence in India, the 187-unit Somerset Greenways Chennai.

Somerset Greenways Chennai is located in MRC Nagar, close to the central business district of Chennai where international banks, financial institutions and multinational companies are located. The residence is also close to commercial, entertainment and leisure centres, said Ascott in a statement on Tuesday, Sept 13.

The soft opening features 48 furnished apartments, with 139 units left to be completed by the end of the year. It features one-, two- and three-bedroom apartments fully equipped with a home entertainment system. Facilities include an infinity pool, jacuzzi, gym, two restaurants, a lounge bar and a business centre.

"There is a huge untapped demand but limited supply of serviced residences to cater to the increasing number of expatriates and travellers. 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.

"Our target is to grow from our current 1,400 apartment units to 4,000 units in India by 2015," said Ronald Tay, Ascott chief investment officer who oversees business in India. Ascot also recently opened the 96-unit Citadines Richmond Bangalore.

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