Ascott Signs Serviced Residence in Gurgaon, India

Ascott has signed a contract to manage the first Ascott-branded serviced residence in India.

Slated to open by 2016, the 160-unit Ascott Ireo City Gurgaon is also Ascott’s first serviced residence in Gurgaon.

The management contract was awarded by Ireo Private Limited, the flagship Special Purpose Vehicle (SPV) of the IREO Funds, one of India’s first private equity funds dedicated to the Indian real estate sector.

Located in the heart of Ireo City, Ascott Ireo City Gurgaon is right next to the planned two-storey Ireo City Central retail zone and entertainment hub on Golf Course Extension Road.

The serviced residence is also near a golf park and is well connected to the airport and commercial districts of Gurgaon as well as Delhi through major roads and highways.

Residents will be able to choose from a range of studio, one and two-bedroom apartments and enjoy facilities such as a swimming pool, fully-equipped gymnasium and an in-house restaurant.

“Ascott has recently expanded into Nanjing and Wuxi in China, and Riyadh and Jeddah in Saudi Arabia. Ascott Ireo City Gurgaon has added yet another city to our global footprint of over 70 cities across more than 20 countries. We remain confident in India’s long-term economic fundamentals and continue to see potential for serviced residences in the emerging country,” said Mr Lee Chee Koon, Ascott’s Chief Executive Officer. “With the addition of Ascott Ireo City Gurgaon, we now have nine properties with more than 1,900 apartment units in India. Our premier Ascott-branded properties provide guests with discreet and unmatched personalised services in an exclusive environment. When Ascott Ireo City Gurgaon opens in 2016, expatriates and travellers to India will be able to choose from all three of our award-winning brands of serviced residences – Ascott, Citadines and Somerset.”