CapitaLand’s wholly-owned serviced residencebusiness 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 byIreo 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
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.”
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.”