Ascott, a wholly-owned subsidiary of CapitaLand Ltd, today launched its second service residence in the city – “CITADINES” at Old Mahablipuram Road (OMR) here. The 269-unit is located at Sholinganallur and would be owned and managed by Ascott. The first service residence ASCOTT Somerset Greenways is at RA Puram. “India will be a key market and a vital part of Ascott’s global expansion to achieve our target of 80,000 apartments by 2020,” Ascott’s Chief Corporate Officer and Managing Director Tony Soh said.
“India continues to be an attractive destination for foreign direct investment with a record USD 46 billion being invested in the country in 2016”, he said in a statement. “Ascott foresees a growing demand for premium serviced residences in India. Our strategy for India is to expand in high-growth cities where there is strong demand for international class serviced residences,” he said. Ascott’s Area General Manager for India, Ajit Koushik said, “with the launch of Citadines OMR Chennai, Ascott has two operating serviced residences in India.”
“Ascott also has six properties with over 900 units in various stages of development in Ahmedabad, Bengaluru, Hyderabad, Gurgaon and Sri City (Tada). We are also seeking opportunities in Mumbai, Pune and New Delhi”, he added.