India– CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), is expanding its network of service residences in India by securing a 96-unit serviced residence in Bangalore through a lease agreement. Ascott, the world’s largest international serviced residence owner-operator, 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.  To tap into this growth, Ascott has already invested in six properties with more than 1,300 apartment units across four major cities in India.  The six properties will cost S$300 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.”

Mr. Ronald Tay, Ascott’s Chief Investment Officer who oversees the company’s business in India, said: “Given the strength of the IT sector in India, it is timely for us to deepen our presence in Bangalore, which has been touted as the Silicon Valley of India. Due to the lack of international quality serviced residences in Bangalore, Citadines Richmond Bangalore is well-positioned to cater to the rising demand. Citadines Richmond Bangalore, Ascott’s first property in India, will offer independent travellers the comfort of home in a world-class serviced residence and the flexibility to choose the services they require to create their own stay experience.”

Citadines Richmond Bangalore is strategically located along the well-known Richmond Road in the Central Business District. The property is also close to prominent high street retail destinations such as Mahatma Gandhi (MG) Road and Brigade Road. Many Grade-A office developments and other commercial establishments are also in the vicinity.

Citadines Richmond Bangalore will offer a mix of spacious studio, one- and two-bedroom apartments to cater to the different lifestyle needs of short- and long-stay travellers. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas as well as modern amenities. Residents can relax at the swimming pool and the pool-side café or work out at the gymnasium. Business executives will be able to make use of the serviced offices and conference facilities.