Ascott signs Citadines Serviced Residence in Bangalore

Ascott has secured a 96-unit serviced residence in Bangalore through a lease agreement.It will rebrand the property as the Citadines Richmond Bangalore and operate it from 1 August 2011. The property will be Ascott’s first to open in India.Citadines Richmond Bangalore is located along the well-known Richmond Road in the Central Business District and 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 studio, one and two-bedroom apartments. 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 Ahmadabad, 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.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.”

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