Service Apartment Segment Hots Up With Oakwood Entry

Mumbai, Nov 2: | Updated: Nov 3 2003, 05:30am hrs
It is now the turn of Oakwood Worldwide to enter Indias service apartment segment. Arguably the worlds largest corporate apartment company with 400,000 apartments in 2,000 cities, Oakwood has three properties in the pipeline in India.

According to the company, it will launch its first apartments in Hyderabad in 2005, followed by Mumbai and Bangalore in 2006. This will add to Oakwoods focus to enter new Asian markets such as Bangladesh and China. Howard F Ruby, chairman, Oakwood Worldwide, was in India recently to review the progress of their plans.

The Mumbai apartments, part of the Hub retail, entertainment and residential complex appears to be on schedule.

The Hub, situated in the Northern Mumbai district of Kandivali, is on a seven acre plot of land, which will have a four lakh square feet mall and a three-tower residential complex. Within the Hub, Oakwoods apartments will be an independent structure. Details of Oakwoods presence in India are still sketchy. The American company based in California, has both owned and managed properties in its portfolio.

While, Oakwood has announced its three properties with datelines on its website, it is believed that the company is contemplating increasing its Indian portfolio. There are other developments on the anvil. They are also looking at venues in Delhi and Pune, said a source familiar with the latest developments. Once up and running, India will be the seventh country in Oakwoods Asian basket. The other countries are Bangladesh, China, Japan, South Korea, Thailand and the Philippines.

This is the second major international service apartment operator to reveal its entry into India in the last month.

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