SINGAPORE - Serviced apartment owner and operator The Ascott has secured a contract to manage its first Somerset-branded property in the Indian city of Gurgaon, it said on Thursday.
The 174-unit Somerset Diplomatic Greens Gurgaon is scheduled to open by 2019, two years after Ascott is due to open its first serviced residence in the city, Ascott Ireo City Gurgaon.
The new property will bring Ascott's portfolio in India to over 1,400 apartment units in eight serviced residences across five cities, said the company, which is wholly-owned by property group CapitaLand.
"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," said Ascott's chief corporate officer Tony Soh in a statement.
He said Ascott will continue to seek opportunities for investments, management contracts, leases or franchise agreements in India.
"Besides Ahmedabad, Bangalore, Chennai, Hyderabad and Gurgaon where we have a presence, we are also seeking opportunities in key business cities including Mumbai, New Delhi and Pune," Mr Soh added.