CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Somerset-branded serviced residence in Gurgaon. Slated to open by 2019, the 174-unit Somerset Diplomatic Greens Gurgaon is Ascott’s second serviced residence in the city, after Ascott Ireo City Gurgaon which is scheduled to open in 2017. The management contract for Somerset Diplomatic Greens Gurgaon was awarded by Puri Constructions, a company focusing on real estate development in northern India.
Tony Soh, Chief Corporate Officer, Ascott, who oversees the company’s business in India, said, “We see strong growth potential for Ascott in India. By bringing our Somerset brand to Gurgaon through our partnership with Puri Constructions, Ascott’s footprint in India will increase to over 1,400 apartment units in eight serviced residences across five cities. Our strategy for India is to expand in high-growth cities where there is significant demand for international-class serviced residences from expatriates, project teams and business travellers. Gurgaon is a fast-developing city where a large number of manufacturing, IT and construction companies are based. We are confident that our Somerset brand will do well in Gurgaon.”
He further added that, to further expand Ascott’s network in India, the company will continue to seek opportunities for investments, management contracts, leases or franchise agreements. Besides Ahmedabad, Bengaluru, Chennai, Hyderabad and Gurgaon where they have presence. “We are also seeking opportunities in key business cities including Mumbai, New Delhi and Pune,” he revealed.
Arjun Puri, Director, Puri Constructions, said, “Puri Constructions is delighted to have The Ascott Limited manage our first serviced residence at Diplomatic Greens. Ascott’s service excellence is world renowned. Hence, it is undoubtedly the perfect match for Puri Constructions, which has built its reputation on providing uncompromising quality. Located within a 30-minute drive from the international airport at New Delhi, Somerset Diplomatic Greens Gurgaon shall be the closest serviced residence from the airport.”
