Ascott opens Citadines Apart’hotel in one of India’s fastest growing cities

SINGAPORE - CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has opened its second serviced residence in India – the 269-unit Citadines OMR in Chennai, the country’s third largest city and one of its fastest growing cities. With this latest property, Ascott strengthens its position as India’s leading international serviced residence operator, with a footprint of more than 1,600 units in nine properties, both operational and under development, across the country.

 

Mr Tony Soh, Ascott’s Chief Corporate Officer, who also oversees its business in India, said: “India is one of the world’s top 10 economies; its increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott. Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates and business travellers. Ascott has six properties with over 900 units in various stages of development in Ahmedabad, Bangalore, Hyderabad, Gurgaon and Sri City. By 2021, our presence will grow to 1,600 units in nine properties. India is a key market for Ascott, and we are seeking to expand through strategic alliances, investment and management contracts in cities where we have presence as well as other key business cities including Mumbai, New Delhi and Pune.”

 

Mr Ajit Koushik, Ascott’s Area General Manager for India, said: “With the launch of Citadines OMR Chennai, Ascott now has two operating serviced residences in Chennai, a major IT hub with thriving industries such as automobile, banking and finance as well as manufacturing. Our Somerset Greenways Chennai is getting high demand from business executives in these key industries and we expect Citadines OMR Chennai to also perform well. Somerset Greenways Chennai is ideal for business travellers and their families as it has up to three-bedroom units and facilities such as children’s playground, kids club and BBQ pits while Citadines OMR Chennai offers independent travellers the flexibility to customise their stay by choosing from a range of services based on their needs.” 

 

India continues to be one of the top 10 most attractive destinations for foreign direct investments with a record USD 46 billion being invested in the country in 2016. Foreign tourist arrivals are also on an upturn, as India saw 8.9 million arrivals in 2016 – a growth of 11% from the previous year. Chennai is predicted to be one of the future Indian megacities to record the fastest rate of real GDP growth over 2016-2030.

 

Citadines OMR Chennai is strategically located along the well-known Old Mahabalipuram Road, which serves as Chennai’s IT Corridor and is lined with IT parks, office complexes and Special Economic Zones (SEZ) such as ELCOT SEZ and State Industries Promotion Corporation of Tamilnadu Ltd. Citadines OMR Chennai is near the scenic East Coast Road, which is dotted with restaurants and quaint cafés. Nearby suburbs like Velachery and Neelankari offer a variety of shopping, dining and recreational options.