Published on : Friday, August 29, 2014
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Somerset-branded serviced residence in Gurgaon. Slated to open by 2019, the 174-unit Somerset Diplomatic Greens Gurgaon is
Ascott’s second serviced residence in the city, after Ascott Ireo City Gurgaon which is scheduled to open in 2017.
The management contract for Somerset Diplomatic Greens Gurgaon was awarded by Puri Constructions Private Limited, a company focusing on real estate development in northern India. Mr Tony Soh, Ascott’s Chief Corporate Officer who oversees the company’s business in India, said: “We see strong growth potential for Ascott in India. By bringing our Somerset brand to Gurgaon through our partnership with Puri Constructions, Ascott’s footprint in India will increase to over 1,400 apartment units in eight serviced residences across five cities.
Our strategy for India is to expand in high-growth cities where there is significant demand for international-class serviced residences from expatriates, project teams and business travellers. Gurgaon is a fast-developing city where a large number of manufacturing, IT and construction companies are based. We are confident that our Somerset brand will do well in Gurgaon.”
Mr Soh added: “To further expand Ascott’s network in India, we will continue to seek opportunities for investments, management contracts, leases or franchise agreements. Besides Ahmedabad, Bangalore, Chennai, Hyderabad and Gurgaon where we have presence, we are also seeking opportunities in key business cities including Mumbai, New Delhi and Pune.”
Tags: Ascott To Launch Its First Somerset Serviced Residence In Gurgaon, Hotel News
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