Ascott Extends Leading Position In World’s Fastest Growing Economy With Three New Serviced Residences Across India’s High Growth Cities
Chennai -- CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract with Sandhya Hotels to manage three new serviced residences in India, the world's third largest economy. Two properties are in the major technology cities of Hyderabad and Bangalore and a third serviced residence is in Sri City, less than an hour's drive from Chennai.
Mr Lee Chee Koon, CEO, Ascott, said: "India attracted over US$39 billion worth of foreign investments in 2015, a 37% increase compared with 2014. Tourist arrivals are also on an upturn as India welcomed more than eight million visitors last year. India's fast-growing economy, increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott. Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers. We will establish more strategic alliances and seek investment opportunities as well as management contracts. Besides cities such as Bangalore, Chennai, and Gurgaon where Ascott is present, we are also looking at opportunities in key business cities including Hyderabad, Mumbai, New Delhi and Pune. India will be a key market as part of Ascott's global expansion to achieve our target of 80,000 apartment units by 2020."
Mr Sreedhar Rao, Managing Director of Sandhya Hotels Private Limited, added: "Sandhya Hotels is venturing into the serviced residence segment with the development of these three properties in Hyderabad, Bangalore and Sri City. We are delighted to have Ascott manage these properties as it is the world's largest international serviced residence operator with award-winning brands. Given Ascott's strong expertise in attracting expatriates and business travellers and the properties' prime locations in IT hubs, we expect our serviced residences to do well."
With the increase in business activities and tourist arrivals, Ascott foresees a growing demand for premium serviced residences in India. In addition to these three new serviced residences that will open between 2019 and 2021, Ascott will be opening Citadines OMR Chennai later this year and Somerset Galleria Bangalore next year. Ascott Ireo City Gurgaon and Somerset Diplomatic Greens Gurgaon are slated to open in 2018 and 2019 respectively.
Citadines Financial District Hyderabad (opening in 2019)
Located in Hyderabad's prime IT hub, the 110-unit Citadines Financial District Hyderabad is surrounded by some of the largest global IT companies and financial institutions including Microsoft, Amazon, UBS and Bank of America. The serviced residence is a short 15-minute drive from HITEC City, another major IT hub and a 20-minute drive from Hyderabad's upmarket shopping and entertainment district, Jubilee Hills. Guests can choose from studios and one-bedroom apartments fitted with modern amenities and contemporary furnishing. The property also has a gymnasium, swimming pool and restaurants.
Citadines Sri City (opening in 2020)
The 100-unit Citadines Sri City is the first international serviced residence to offer quality accommodation to expatriates and business travellers working in the business hub. More than 100 companies including Isuzu Motors, Kobelco and PepsiCo are present in Sri City. Situated in the residential and lifestyle district, Citadines Sri City will offer guests a choice of studios and one-bedroom apartments. Guests can utilise the wide range of facilities at the serviced residence which includes meeting rooms, a gymnasium, steam and sauna rooms, residents' lounge, lounge bar and swimming pool.
Somerset Bellandur Bangalore (opening in 2021)
The 150-unit Somerset Bellandur Bangalore is in close proximity to the Bangalore International Airport and the IT hubs of Whitefield and Electronic City. The serviced residence is also within walking distance of multinational companies such as AT&T, Cisco, Honeywell, Intel and Wipro. Designed to provide business executives and their families with the comfort of a home away from home, Somerset Bellandur Bangalore will offer a range of stylish studios, one- and two-bedroom apartments. Each apartment features a fully-equipped kitchen and separate living and dining areas. The property's extensive facilities include a gymnasium, swimming pool, all-day restaurant and lounge bar.
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 180 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.
Ascott has about 70,000 operating units and over 48,000 units under development, making a total of about 118,000 units in over 700 properties.
The company's serviced residence and hotel brands include Ascott The Residence, he Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello and POP!.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2020 for 'Best Serviced Residence Brand'; World Travel Awards 2019 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2019 for 'Best Serviced Residence Brand'; Business Traveller China Awards 2019 for 'Best Luxury Serviced Residence Brand'; and TTG China Travel Awards 2019 for 'Best Serviced Residence Operator in China'. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.
About CapitaLand Limited
CapitaLand Limited (CapitaLand) is one of Asia's largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth S$131.9 billion as at 31 December 2019. CapitaLand's portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 200 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.
CapitaLand has one of the largest real estate investment management businesses globally. It manages seven listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand's REITs and business trusts have expanded to include Ascendas Real Estate Investment Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information.