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Construction : Real Estate | July 2013 | Source : Construction Update

Ascott to launch serviced residence in Gurgaon

The Ascott Limited, CapitaLand’s wholly-owned serviced residence business unit, has secured a contract to manage its first Ascott-branded serviced residence in India's Gurgaon. The 160-unit Ascott Ireo City Gurgaon is slated to open by 2016. The Ascott Limited has secured a contract to manage its first Ascott-branded serviced residence in India.

The management contract was awarded by Ireo Private Limited, the flagship Special Purpose Vehicle (SPV) of the IREO Funds, India's first and largest private equity fund dedicated to the Indian real estate sector. Lee Chee Koon, Ascott's Chief Executive Officer, said that Ascott has recently expanded into Nanjing and Wuxi in China, and Riyadh and Jeddah in Saudi Arabia.

 
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