The Ascott Limited has secured a serviced residence property in Bangalore through a leasing agreement. CapitaLand’s wholly-owned serviced residence unit will rebrand the property as Citadines Richmond Bangalore and manage it starting 1 August 2011.
Located on Richmond Road in Bangalore’s Central Business District (CBD), the property will a feature 96-unit serviced residence, comprising a mix of studio, one- and two-bedroom apartments.
Citadines Richmond Bangalore will be the third Ascott property to feature over 500 apartments.
“India is a key market for Ascott as it has significant demand for serviced residences arising from the fast growing economy. Many local as well as multinational companies have grown their operations in the country. To tap into this growth, Ascott has already invested in six properties with more than 1,300 apartment units across four major cities in India,” said Ascott’s CEO Lim Ming Yan.
“The six properties 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.
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