Ascott to launch its premier brand of serviced residence in India
Secures contract to manage Ascott Ireo City Gurgaon
Singapore, 26 June 2013 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Ascott-branded serviced residence in India. Slated to open by 2016, the 160-unit Ascott Ireo City Gurgaon is also Ascott’s first serviced residence in Gurgaon. The management contract was awarded by Ireo Private Limited, the flagship Special Purpose Vehicle (SPV) of the IREO Funds, India’s first and largest private equity fund dedicated to the Indian real estate sector.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Ascott has recently expanded into Nanjing and Wuxi in China, and Riyadh and Jeddah in Saudi Arabia. Ascott Ireo City Gurgaon has added yet another city to our global footprint of over 70 cities across more than 20 countries. We remain confident in India’s long-term economic fundamentals and continue to see potential for serviced residences in the emerging country. With the addition of Ascott Ireo City Gurgaon, we now have nine properties with more than 1,900 apartment units in India. Our premier Ascott-branded properties provide guests with discreet and unmatched personalised services in an exclusive environment. When Ascott Ireo City Gurgaon opens in 2016, expatriates and travellers to India will be able to choose from all three of our award-winning brands of serviced residences – Ascott, Citadines and Somerset.”
Mr Alfred Ong, Ascott’s Managing Director for Strategic Development who oversees the company’s business in India, said: “Gurgaon, New Delhi’s flourishing satellite city, is one of India’s most promising hospitality markets. We are delighted to bring our premium brand into Gurgaon and to partner Ireo to offer Ascott’s impeccable service to business travellers in Gurgaon.”
Mr Lalit Goyal, Ireo’s Vice Chairman and Managing Director, added: “Our partnership with Ascott is in keeping with our vision to bring world class living standards to India. Ascott Ireo City Gurgaon brings together the design excellence of Ireo and the impeccable service of the internationally renowned Ascott brand. Gurgaon has emerged as a fast growing commercial hub on the international map, attracting business travellers from across the globe. Residents will enjoy superior comfort in the luxurious Ascott Ireo City Gurgaon.”