CapitaLandÕs wholly owned serviced residence business unit, The Ascott Limited, has opened its second serviced residence in India Ð the 269-unit Citadines OMR in Chennai, the countryÕs third largest city and one of its fastest growing cities. With this latest property, Ascott strengthens its position as IndiaÕs 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.
ÒIndia is one of the worldÕs topÊten economies; its increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott,”Êsaid Tony Soh, AscottÕs Chief Corporate Officer, who also oversees its business in India.Ê”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.Ó
ÒWith 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,” said Ajit Koushik, AscottÕs Area General Manager for India. “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 childrenÕs 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.ÓÊ
India continues to be one of the topÊten 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 Ð a growth of 11 per centÊfrom 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 ChennaiÕs 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 cafs. 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 childrenÕs pool, a gymnasium with steam and sauna facilities, jacuzzi and residentsÕ 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.
AscottÕs 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.
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