The Hindu Business Line : Oakwood opens service apartments in Pune

Ground realty
Pune’s 84-unit residence to cost about Rs 10,000-14,000.
Property owned, developed by Panchshil Realty which plans to launch second apartment by 2008-end.
Target customers for such units are executives required to stay here for 3-12 months.

Our Bureau

Pune, July 6Oakwood Asia Pacific, provider of service apartments, has opened its doors in Pune. The 84 luxury service apartments is the first in the country. The others to be operational during the year would be the 61-room apartment in Mumbai, and 173 units in Bangalore.

Talking to presspersons, Ms Veronique Sirault, General Manager, Oakwood Residence Naylor Road, the 84-unit residence, said it offers custom-designed furnished apartments complete with high-speed broadband internet, flat screen television, and a fully equipped kitchen.

The property also has a gymnasium and a residents’ lounge which serves delectable Indian and Western cuisine.

The target customers for these kind of apartments would be the highflying executives who would be required to stay in the country for a period of three to 12 months and would not be comfortable staying in a hotel or want to rent an apartment.

Space, cost

These 84-unit residences share space from 410 sq ft to 1,100 sq ft, and would be charged anywhere between Rs 10,000 to Rs 14,000 as rent. Ms Veronique said the property is owned and developed by the Pune-based Panchshil Realty, which would be launching its second service apartments by the end of 2008.

These would have about 170-200 units. She noted that local developers would be roped in for the construction at different locations and Oakwood would take care of the management of the properties.

She said it would have about nine locations in the country with one in Mumbai, three in Bangalore, two in Pune, one in Hyderabad, Gurgaon and Chennai. By end of 2007, it would have three locations, in Pune, Mumbai and Bangalore; by end of 2008, it would have added Hyderabad and by end of 2009, Bangalore, Chennai, Gurgaon, Pune.

As part of its Asia Pacific plans, Ms Veronique said, the company currently has a presence in about 12 locations, and would be touching 40 by 2009. It has operations in China, Thailand, Korea and Japan, and would be adding Indonesia and Bali to its list, she added.

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