Another Ascott First In India, First International Serviced Residence Company To Invest In Ahmedabad
For Immediate Release
ANOTHER ASCOTT FIRST IN INDIA
First international serviced residence company to invest in Ahmedabad
Singapore, 18 April 2008 – The Ascott Group (Ascott) has acquired its first serviced residence in Ahmedabad in the state of Gujarat in West India. The investment is a joint venture with The Rattha Group (Rattha), a company in the field of exports, infrastructure development and leasing. Ascott has invested INR 257.2 million (approximately S$9.1 million) for the project and will take a 40% stake in the joint venture, with Rattha holding the remaining.
Ascott is the first international serviced residence operator to enter Ahmedabad. The 220-unit serviced residence will be called Citadines Ahmedabad Parimal Garden. With the latest addition, Ascott’s portfolio in India grows to 1,398 units across six properties which are currently under development.
Ms Jennie Chua, Ascott’s President & CEO said: “Citadines Ahmedabad Parimal Garden marks our entry into West India and extends our footprint beyond the southern cities of Bangalore, Chennai and Hyderabad. With close to 10 Special Economic Zones approved in Ahmedabad, foreign direct investment will increase and demand for serviced residences in this city will grow.”
She added: “Ahmedabad has seen an influx of leading multinational companies like Nokia, Microsoft and Volvo, and is continuing to attract more interest from the pharmaceutical, chemical and information technology industries. However, there is a shortage of quality accommodation. Ascott’s timely entry into Ahmedabad will bridge the gap in accommodation choices for business travellers.”
Citadines Ahmedabad Parimal Garden is located in the heart of the central business district of Ahmedabad, which is becoming a hub of modern malls, multiplexes, educational institutions and offices. The property is opposite Parimal Garden, one of the green lungs in the city. It is also close to major malls and restaurants. Citadines Ahmedabad Parimal Garden is slated to open in the first half of 2011.
Besides Citadines Ahmedabad Parimal Garden, Ascott’s other serviced residences in India are Somerset Whitefield in Bangalore; Somerset Greenways, Citadines Boulevard and Citadines OMR Gateway in Chennai; and Citadines Hitec City in Hyderabad.
This investment is not expected to have any material impact on the net tangible assets and earnings per share of The Ascott Group Limited for the current financial year.
About The Ascott Group
The Ascott Group is the world's largest international serviced residence owner-operator with about 15,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of about 21,000 units.
The Group operates three brands – Ascott, Somerset and Citadines. Its portfolio spans 56 cities in 23 countries, 14 of which are new cities in Ascott's portfolio where its serviced residences are being developed. Ascott's properties can be found in cities including London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing and Hong Kong in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand, as well as Dubai and Manama in the Gulf region.
The Ascott Group is headquartered in Singapore. It pioneered Asia Pacific's first branded luxury serviced residence in 1984. It also established the world’s first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, the Group boasts a 24-year industry track record and serviced residence brands that enjoy recognition worldwide.
The Ascott Group's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2008 'Best Serviced Apartment/Residence Operator', World Travel Awards 2007 'Australasia's Leading Hotel' and 'New Zealand's Leading Hotel', Business Traveller UK Awards 2007 'Best Serviced Residence Company', Business Traveller Asia Pacific Awards 2007 'Best Serviced Residence Brand' and 'Best Serviced Residence', and Forbes China 2008 ‘China’s Best Serviced Apartments’. For a full list of awards, please visit https://www.theascottgroup.com/aboutus/awards
The Ascott Group is the serviced residence arm of CapitaLand Limited, the largest real estate company in Southeast Asia by market capitalisation. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific, Europe and the Gulf Co-operation Council (GCC) countries. The company's real estate and hospitality portfolio spans more than 100 cities in over 20 countries.
For more information on The Ascott Group’s property listings, visit