The Ascott Limited, a fully owned subsidiary of CapitaLand specializing in serviced residences, has expanded its presence in India with the opening of Citadines OMR in Chennai. This 269-unit property marks Ascott’s second serviced residence in India, further solidifying its position as a leading international serviced residence operator in the country.
With this addition, Ascott’s portfolio in India now encompasses over 1,600 units across nine properties, including those currently operational and under development. Tony Soh, Ascott’s Chief Corporate Officer, emphasized India’s significant potential as one of the world’s fastest-growing major economies. He highlighted the company’s strategic focus on expanding its footprint in key high-growth cities across India, catering to the increasing demand for top-tier serviced residences from both international and domestic business travelers.
Ascott already has a strong pipeline of six properties with over 900 units in various stages of development in Ahmedabad, Bangalore, Hyderabad, Gurgaon, and Sri City. By 2021, Ascott aims to have a presence of 1,600 units across nine properties in India. The company is actively exploring opportunities to further expand its presence in major business hubs like Mumbai, New Delhi, and Pune through strategic partnerships, investments, and management contracts.
Ajit Koushik, Ascott’s Area General Manager for India, highlighted the strategic importance of Chennai as a major IT hub and a thriving center for various industries. The new Citadines OMR Chennai property complements Ascott’s existing Somerset Greenways Chennai property, aiming to cater to the strong demand from executives in these industries. While Somerset Greenways Chennai offers larger units with up to three bedrooms, Citadines OMR Chennai provides flexible options tailored for independent travelers seeking customized stays.
India continues to attract substantial foreign direct investment, solidifying its position as a top 10 global destination. Chennai is projected to experience rapid economic growth, establishing itself as one of India’s future megacities.
Strategically situated on Chennai’s Old Mahabalipuram Road, also known as the city’s IT Corridor, Citadines OMR Chennai is surrounded by IT parks, business complexes, and Special Economic Zones (SEZs). Its proximity to the East Coast Road offers scenic views and a vibrant culinary scene. Nearby suburbs like Velachery and Neelankari provide diverse shopping, dining, and entertainment options.
The serviced residence offers a range of studio, one-bedroom, and two-bedroom apartments, all equipped with kitchens and modern amenities. Guests can enjoy an infinity pool, fitness center with steam and sauna facilities, a jacuzzi, and a resident lounge. Two meeting rooms are available for up to 100 people, along with a business center, 24-hour guest services, laundry facilities, and a convenience store. Dining options include Hola, a 24-hour coffee shop, and Delhi Highway, an Indian restaurant.
Citadines OMR Chennai is currently offering a special introductory daily rate starting from INR 4,000++, inclusive of breakfast buffet and Wi-Fi. Monthly rates are also available for extended stays.
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