Singapore -- (SBWire) -- 06/15/2012 --Targets to have 4,000 apartment units in India by 2015

The Ascott Limited (http://www.the-ascott.com/) (Ascott), a wholly-owned serviced residence business unit of CapitaLand, has opened two serviced residences in India in a month. The 96-unit Citadines Richmond Bangalore (http://www.citadines.com/india/bangalore/richmond_bangalore.html) opened on 1 August while the 187-unit Somerset Greenways Chennai (http://www.somerset.com/india/chennai/somerset_greenways.html) soft opened on 29 August 2011.

Besides Citadines Richmond Bangalore and Somerset Greenways Chennai, Ascott has five other serviced residences with more than 1,100 apartment units under development in India. The five properties are scheduled to open progressively in Ahmedabad, Bangalore (two properties), Chennai and Hyderabad by 2015. In total, Ascott’s seven properties in India will have over 1,400 apartment units and will cost more than US$250 million (INR 1,125 crores) when fully developed.

Mr Ronald Tay, Ascott’s Chief Investment Officer who oversees the company’s business in India, said: “India is an important market for Ascott. There is a huge untapped demand but limited supply of serviced residences to cater to the increasing number of expatriates and travellers. Our strategy for India is to expand in the high growth cities with strong demand for international-class serviced residences and we will do so through investments, management contracts or lease agreements. Besides Ahmedabad, Bangalore, Chennai and Hyderabad, we will look at extending our footprint to other cities including Mumbai, Pune and New Delhi. Our target is to grow from our current 1,400 apartment units to 4,000 units in India by 2015.”

“Bangalore and Chennai are key cities in our India network as they are major business process outsourcing destinations for IT and IT-enabled services. Bangalore, as the Silicon Valley of India, is one of the fastest growing metropolises in India. Chennai’s growing automobile manufacturing and telecommunications industries also continue to attract large numbers of expatriates and business travellers. Ascott’s entry into Bangalore and Chennai will allow us to provide expatriates and travellers a quality accommodation that they can call home,” added Mr Tay.

To celebrate the openings of Citadines Richmond Bangalore (http://www.citadines.com/india/bangalore/richmond_bangalore.html) and Somerset Greenways Chennai, Ascott is offering special promotional rates from now till 31 December 2011.

Citadines Richmond Bangalore

Citadines Richmond Bangalore is an ideal home in the city offering flexible services to suit the lifestyles of independent, savvy travellers. It is conveniently located for business and leisure, along the well-known Richmond Road in the greenest stretch of Bangalore’s central business district. The serviced residence is surrounded by commercial establishments, banks and government offices and is near high street retail destinations such as Mahatma Gandhi (MG) Road and Brigade Road.

Citadines Richmond Bangalore offers apartment units ranging from comfortable studios to spacious two-bedroom apartments. Facilities include a swimming pool and children’s pool, pool-side café, fully-equipped gymnasium, residents’ lounge, serviced offices as well as banquet and conferencing facility.

Introductory rates are from INR 4,500++ per night for a studio apartment to INR 12,000++ per night for a two-bedroom apartment.

For reservations and more information on Citadines Richmond Bangalore, please visit www.citadines.com/india/bangalore/richmond_bangalore.html, call (91-80) 7101 0000 or email enquiry.bangalore@the-ascott.com.

Somerset Greenways Chennai

Somerset Greenways Chennai (http://www.somerset.com/india/chennai/somerset_greenways.html) is strategically located in MRC Nagar, a 10-minute drive from the central business district of Chennai where international banks, financial institutions and multinational companies are located. The serviced residence is close to commercial centres, leisure and entertainment hubs which feature retail stores offering exclusive international brands, fine dining restaurants, food courts and multiplexes.

Somerset Greenways Chennai has soft opened with 48 apartments and its remaining 139 units will be ready by the end of the year. The serviced residence offers a range of stylish studios, one- and two-bedroom apartments as well as a three-bedroom apartment. Ideal for business executives who are travelling with their families, Somerset Greenways Chennai offers extensive facilities including an infinity swimming pool, roof top Jacuzzi and barbecue area amidst a landscaped garden, a gymnasium, steam room, sauna, an outdoor children’s play area, two restaurants that serve international cuisine, a lounge bar and a business centre with efficient support services.

Introductory rates are from INR 5,999++ per night for a studio apartment to INR 19,000++ per night for a three-bedroom apartment.

For reservations and more information on Somerset Greenways Chennai, please visit www.somerset.com/india/chennai/somerset_greenways.html, call (91-44) 7101 0000 or email enquiry.chennai@the-ascott.com.

About The Ascott Limited
The Ascott Limited is the world's largest international serviced residence owner-operator with over 22,000 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 more than 28,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 12 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class 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 company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.

Recent awards include Business Traveller Asia-Pacific Awards 2011 "Best Serviced Residence Brand" and "Best Serviced Residence in Asia-Pacific", DestinAsian Readers' Choice Awards 2011 "Best Serviced Residence in Asia Pacific", TTG China Travel Awards 2011 "Best Serviced Residence Operator in China", Business Traveller UK Awards 2010 "Best Serviced Apartment Company" and TTG Travel Awards 2010 "Best Serviced Residence Operator".

About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.