ASCOTT has secured a lease agreement for a 96-unit serviced residence in Bangalore, which it will rebrand as Citadines Richmond Bangalore. The group will operate the property, its first in India, from August 1.
The serviced residence, located along Richmond Road in Bangalore’s central business district, will offer a mix of studio, one- and two-bedroom apartments. Facilities will include a swimming pool and poolside café, a gym, serviced offices and conference facilities.
Ronald Tay, Ascott’s CIO who oversees the company’s business in India, said: “Given the strength of the information technology sector in India, it is timely for us to deepen our presence in Bangalore, which has been touted as the Silicon Valley of India.”
Besides Citadines Richmond Bangalore, Ascott has six properties under development in Ahmadabad, Bangalore (two properties), Chennai (two properties) and Hyderabad. These will add more than 1,300 apartment units at a cost of S$300 million (US$247 million).
Of the six properties, Somerset Greenways Chennai is scheduled to open later this year, while the remaining five are scheduled to open progressively over the next three years.
Lim Ming Yan, Ascott CEO, 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.”
He added: “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.”