Ascott follows Saudi expansion with India deal

Ascott Limited is eyeing India in the next stage of its expansion plans fresh from its recent property openings in Saudi Arabia.

A wholly-owned serviced residence business arm of CapitaLand, Ascott has secured a contract to manage its first Ascott-branded serviced residence in Gurgaon India, slated to open by 2016.

Ascott was handed the management contract for the The 160-unit Ascott Ireo City Gurgaon 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.

Ascott’s chief executive officer, Lee Chee Koon, 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 1900 apartment units in India.

“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.”

Ascott’s managing director for strategic development, Alfred Ong, 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.”

Vice chairman and managing director of Ireo, Lalit Goyal, 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.”