Gurgaon, 26thJune 2013: Ireo, India’s first and largest private equity fund dedicated to the Indian real estate sector, today entered into management agreements with the multi-award winning serviced residence provider, The Ascott Limited, for India’s first Ascott-branded serviced residence at the upcoming master planned IREO City complex on Golf Course Extension Road in Gurgaon.
A team from the Ascott Limited led by Mr. Alfred ONG, Managing Director, Strategic Development, was in town to officially announce the collaboration. IREO City, itself, is an ambitious, world class mixed-use project spread over approximately 800-acres – a resort city within a city- that includes schools, hospitals, parks, offices, shopping malls, art centers and theatres. Located adjacent to the planned two-storey Ireo City Central retail zone and entertainment hub, Ascott Ireo City Gurgaon will offer approximately 220 units in the configurations of studio, 1 BHK and 2 BHK apartments.
This will include 160 serviced residence units and an additional 60 units of private residential apartments. The luxury of these apartments is further accentuated by their close proximity to the 50-acre golf park in Ireo City. Being in the heart of Ireo City, Ascott Ireo City Gurgaon will seamlessly connect with the Open Living ecosystem of this master planned township. With easy access to NH8, the residences are well connected to the airport and the commercial districts of Gurgaon as well as Delhi. Ascott Ireo City Gurgaon will primarily cater to the burgeoning demand for serviced residences from travelling business executives and corporate houses. It will be built around a distinctive concept of offering the owner the choice to either use the fully serviced apartment as residence for self or rent it out commercially through The Ascott Limited.
The premium hospitality brand shall maintain the units to world-class standards and market them for optimal revenue generation. Residents will enjoy world-class facilities for business and recreation along with the award-winning service excellence that The Ascott Limited is renowned for. Mr. Lalit Goyal, Vice Chairman and Managing Director at Ireo said, “Our alliance with The Ascott Limited is in keeping with our vision to bring world class living standards to India. The Ascott Ireo City Gurgaon brings together the design excellence of Ireo and the impeccable service of the internationally renowned Ascott brand.” Speaking on the project, Mr.Pankaj Dugar, Hospitality head at Ireo commented – “Gurgaon has emerged as a fast growing commercial hub on the international map, attracting business travellers and expats from across the globe but lacks good international quality branded serviced apartments.
Ascott Ireo City Gurgaon will replicate the superior comfort and finesse that is synonymous with luxury serviced apartments the world over. With the choice for self use or renting out through the world renowned Ascott brand, these apartments offer a unique opportunity to the Buyers.”Mr. Lee Chee Koon, The Ascott Limited’s Chief Executive Officer, said: “With the launch of Ascott Ireo City Gurgaon, we now have a total of eight properties in India with six under development in India; the two operational properties being Citadines Richmond Bangalore and Somerset Greenways Chennai. Now, travellers to India will be able to choose from our three award-winning brands of serviced residences – Ascott Residences, Citadines Apart’hotels and Somerset Serviced Residences.
Globally, our network has grown to 79 cities across 22 countries.”Mr. Alfred ONG, Managing Director, Strategic Development, The Ascott Limited said, “Gurgaon is one of India’s fast developing cities and the hub of real estate companies in the country. We’re delighted to bring our premium brand into Gurgaon and happy to partner with Ireo to offer Ascott’s impeccatle service to bussiness travellers in Gurgaon.”The Ascott Limited is the world’s largest international serviced residence owner-operator with more than 32,000 apartment units in over 70 cities across more than 20 countries. The Singapore-based company has properties in premium locations across the world’s leading metropolitan cities like London, Paris, Brussels, Berlin, Barcelona, Singapore, Seoul, Tokyo, Shanghai, Dubai and Melbourne.
About The Ascott Limited:The Ascott Limited is a Singapore company that has grown to be the world’s largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 32,000 units in over 200 properties.The company operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 18 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; Melbourne and Perth in Australia, Bangalore and Chennai in India as well as Dubai, Doha and Manama in the Gulf region.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.Ascott’s achievements have been recognised internationally. Recent awards include DestinAsian Readers’ Choice Awards 2013 for ‘Best Serviced Apartment/Residence Operator’, TTG China Travel Awards 2013 for ‘Best Serviced Residence Operator in China’, TTG Travel Awards 2012 for ‘Best Serviced Residence Operator’, Business Traveller Asia-Pacific Awards 2012 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, and Business Traveller UK Awards 2012 for ‘Best Serviced Apartment Company’.
Visit www.the-ascott.com for more information and connect with us on social media at www.the-ascott.com/connect.About CapitaLand LimitedCapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the company’s businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.The company’s diversified real estate portfolio primarily includes homes, offices, shopping malls, serviced residences and mixed developments. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services in its markets.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust, CapitaRetail China Trust and Quill Capita Trust.About Ireo Ireo is the first and the largest Private Equity Fund dedicated to the Indian real estate sector with nearly US$2 bn of funds committed to India. The company has a pan India footprint with a land bank of more than 4500 acres and 23 projects in prime locations across NCR, Haryana, Punjab, Tamil Nadu and Maharashtra under various stages of development and implementation. Recent successful project launches from Ireo have been “Ireo Skyon”, “Ireo Uptown”, “The Grand Arch”, “Ireo Victory Valley” and “Ireo Gurgaon Hills” in Gurgaon and Ireo Rise in Mohali.
It is also developing integrated township projects with residential, commercial and retail developments accompanied with amenities such as schools and hospitals in Ludhiana, Gurgaon and Panchkula named Ireo Waterfront, Ireo City and Ireo Fiveriver respectively.Ireo has been present in India since 2004 and has evolved as a fully integrated real estate organization. Ireo’s team consists of internationally experienced and accomplished Indian and expatriate professionals from diverse backgrounds to lead initiatives and to deliver best in class products and services to their customers.Ireo’s investor base consists of blue chips and globally renowned financial institutions.For further information please visit: www.ireoworld.com
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