|Citadines OMR servied residences open in Chennai, India.|
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.
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.”
Ajit Koushik, Ascott’s Area GM 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."
Koushik said Somerset Greenways Chennai is seeing high demand from business executives in the industries he listed, driving expectations that Citadines OMR Chennai will also perform well. While Somerset Greenways Chennai has units of up to three bedrooms, Citadines OMR Chennai offers independent travellers the flexibility to customise their stay, he said.
India continues to be one of the top 10 most attractive destinations for foreign direct investments with a record US$46 billion being invested in the country in 20161. Further, Chennai is predicted to be one of the future Indian megacities to record the fastest rate of real GDP growth from 2016 to 20302.
Citadines OMR Chennai is strategically located along the Old Mahabalipuram Road, which serves as Chennai’s IT Corridor and is lined with IT parks, office complexes and Special Economic Zones (SEZs) such as the ELCOT SEZ and the State Industries Promotion Corporation of Tamilnadu.
Citadines OMR Chennai is near the scenic East Coast Road, which is dotted with restaurants and cafés. Nearby suburbs like Velachery and Neelankari offer shopping, dining and recreational options.
The serviced residence offers guests a variety of units such as studios, one- and two-bedroom apartments, which come with a fully-equipped kitchen and modern amenities. It has an infinity pool on the rooftop, a gym with steam and sauna facilities, jacuzzi and residents’ lounge.
There are also two meeting rooms that can accommodate up to 100 people, a business centre, 24-hour guest services desk, launderette and a convenience store. Guests can savour a meal at Hola, the 24-hour coffee shop or Delhi Highway, an Indian-cuisine restaurant located within the residence.
As an introductory promotion, Citadines OMR Chennai is offering special daily rates from INR4,000++, inclusive of a complimentary buffet breakfast and Wi-Fi. Monthly rates are also available for long-stay guests.
1 FDI inflow zooms 18% to USD 46 billion in 2016: DIPP, 24 February 2017, The Hindu
2 Cities of the Future: Fastest Growing ‘Megacities to be’ are in India, 5 June 2017, Euromonitor International
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