Ascott Extends Leading Position In World’s Fastest Growing Economy With Three New Serviced Residences Across India’s High Growth Cities
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.
The upcoming Citadines Financial District Hyderabad, Citadines Sri City and Somerset Bellandur Bangalore will strengthen Ascott’s leading position as the largest international serviced residence operator in India with 10 properties across seven cities with more than 1,800 units.
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.