Ascott’s presence set to increase to over 1,600 units in one of the world’s top 10 economies

(TRAVPR.COM) SINGAPORE - June 8th, 2017 

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has opened its second serviced residence in India – the 269-unit Citadines OMR in Chennai, the country’s third largest city and one of its fastest growing cities. With this latest property, Ascott strengthens its position as India’s leading international serviced residence operator, with a footprint of more than 1,600 units in nine properties, both operational and under development, across the country.

Mr Tony Soh, Ascott’s Chief Corporate Officer, who also oversees its business in India, said: "India is one of the world’s top 10 economies; its 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 and business travellers. Ascott has six properties with over 900 units in various stages of development in Ahmedabad, Bangalore, Hyderabad, Gurgaon and Sri City. By 2021, our presence will grow to 1,600 units in nine properties. India is a key market for Ascott, and we are seeking to expand through strategic alliances, investment and management contracts in cities where we have presence as well as other key business cities including Mumbai, New Delhi and Pune."

Mr Ajit Koushik, Ascott’s Area General Manager for India, said: "With the launch of Citadines OMR Chennai, Ascott now has two operating serviced residences in Chennai, a major IT hub with thriving industries such as automobile, banking and finance as well as manufacturing. Our Somerset Greenways Chennai is getting high demand from business executives in these key industries and we expect Citadines OMR Chennai to also perform well. Somerset Greenways Chennai is ideal for business travellers and their families as it has up to three-bedroom units and facilities such as children’s playground, kids club and BBQ pits while Citadines OMR Chennai offers independent travellers the flexibility to customise their stay by choosing from a range of services based on their needs."

India continues to be one of the top 10 most attractive destinations for foreign direct investments with a record USD 46 billion being invested in the country in 2016. Foreign tourist arrivals are also on an upturn, as India saw 8.9 million arrivals in 2016 – a growth of 11% from the previous year. Chennai is predicted to be one of the future Indian megacities to record the fastest rate of real GDP growth over 2016-2030.

Citadines OMR Chennai is strategically located along the well-known Old Mahabalipuram Road, which serves as Chennai’s IT Corridor and is lined with IT parks, office complexes and Special Economic Zones (SEZ) such as ELCOT SEZ and State Industries Promotion Corporation of Tamilnadu Ltd. Citadines OMR Chennai is near the scenic East Coast Road, which is dotted with restaurants and quaint cafés. Nearby suburbs like Velachery and Neelankari offer a variety of shopping, dining and recreational options.

The serviced residence offers guests a variety of well-appointed units such as studios, one- and two-bedroom apartments, which come with a fully-equipped kitchen and modern amenities. It has a large infinity pool on the rooftop, a children’s pool, a gymnasium with steam and sauna facilities, jacuzzi and residents’ lounge. There are also two meeting rooms that can accommodate up to 100 people, a business centre, 24-hour guest services desk, launderette and a convenience store. Guests can savour a meal at Hola, the 24-hour coffee shop or Delhi Highway, an Indian-cuisine restaurant located within the residence.

As part of the introductory promotion, Citadines OMR Chennai is offering special daily rates from INR 4,000++, inclusive of complimentary buffet breakfast and Wi-Fi. Attractive monthly rates are also available for long-stay guests.

Ascott’s six properties that are slated to open progressively in India between 2018 and 2021 are Ascott Ireo City Gurgaon, Somerset Diplomatic Greens Gurgaon, Citadines Parimal Garden Ahmedabad, Citadines Financial District Hyderabad, Citadines Sri City and Somerset Bellandur Bangalore.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 30,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 21,000 units which are under development, making a total of more than 52,000 units in over 300 properties. The company operates three award-winning brands – Ascott, Citadines and Somerset, along with The Crest Collection and lyf. Ascott’s portfolio spans more than 100 cities across 29 countries.

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 serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; World Travel Awards 2016 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2016 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as at 31 March 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 140 cities in about 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.

CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

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