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CapitaLand's wholly-owned serviced residence business unit, Ascott Ltd, is expanding its network in India with the lease of a 96-unit serviced residence in Bangalore.
The property will be rebranded as Citadines Richmond Bangalore and will be operational from August 1, said a press release from the company.
6 properties
Besides Citadines Richmond Bangalore, Ascott has six properties in the country, with more than 1,300 apartment units under development. The six properties are located in Ahmedabad, Bangalore (two properties), Chennai (two properties) and Hyderabad.
Of these, Somerset Greenways Chennai will be opened later this year, while the remaining five properties will be opened in the next three years.
With Citadines Richmond Bangalore, Ascott will have over 500 apartment units in Bangalore.
Key market
Describing India as a key market for Ascott, Mr Lim Ming Yan, its Chief Executive Officer, said in the release that the six properties in India will cost S$300 million when fully developed over the next three years.
“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,” he added.
Citadines Richmond Bangalore will offer a mix of studio, one- and two-bedroom apartments catering to short- and long-stay travellers. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas and modern amenities.
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