Ascott to open second Bengaluru property
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CapitaLand’s wholly-owned serviced residence unit, The Ascott Limited, has entered into a joint venture with India’s RMZ Corp to develop a 203-unit serviced residence in Bengaluru. Ascott will acquire a 50% stake in the joint venture company for INR151.8 million (US$3.3 million) while RMZ Corp will hold the remaining stake. The new Citadines Galleria Bangalore will be Ascott’s first Citadines apart’hotel and second property in the Karnataka state capital. Ascott will manage the property when it opens in 2014.
Ronald Tay, Ascott’s Chief Investment Officer who oversees the company’s business in India, said; “As one of the key growth engines of Asia, India continues to attract foreign investments due to its huge domestic market and sizeable educated workforce. With increasing business travel into India and inter-city travel, demand for quality accommodation will grow. Ascott will open our first property in India, Somerset Greenways Chennai, this year. Our partnership with RMZ Corp will allow us to leverage on each other’s strong brand reputation and expertise to further scale up Ascott’s presence in India. With Citadines Galleria Bangalore, Ascott will have close to 1,600 apartment units across seven properties in Bangalore, Ahmedabad, Chennai and Hyderabad. Besides expanding our presence in these cities, we will continue to seek opportunities for growth in other cities such as Mumbai, New Delhi and Pune.”
Citadines Galleria Bangalore will be located in Yelanhanka, accessible by major highways and with connectivity to the Bangalore International Airport and Central Business District. The property is also close to industrial parks such as the Kirloskar Business Park and Manyata Tech Park.
Citadines Galleria Bangalore will be part of a mixed development known as RMZ Galleria that includes a shopping mall and an office tower. Award-winning DP Architects from Singapore has been appointed as the architectural consultant for the entire development. The contemporary serviced residence will offer studio, one- and two-bedroom apartment units and facilities such as a gymnasium, swimming pool and food and beverage outlets.
Manoj Menda, Managing Director of RMZ Corp, said; “We are pleased to partner Ascott as it is the world’s largest international serviced residence owner-operator. With 27 years of experience in managing award-winning serviced residences globally, we are confident that Ascott will be able to enhance the value of our development and increase its appeal to discerning international travellers. Besides staying in a world-class serviced residence, guests of Citadines Galleria Bangalore will enjoy a unique shopping experience at the RMZ Galleria which will offer over 200 stores, a nine-screen cinema and a hypermarket.”
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