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Singaporean hospitality brand Ascott, a subsidiary of CapitaLand Investment, is looking to enter the co-living segment in India as it continues expanding its serviced apartment business in the country, according to Vincent Miccolis, managing director of Middle East, Africa, Turkey & India at Ascott.
The company, which currently operates seven properties in India through partnerships with real estate developers, plans to open 10 more by 2027. It also intends to launch a co-living brand, having started one four years ago in 2019 in Singapore that has since grown to 33 properties including in Australia, France, Japan and Singapore.
Miccolis believes Delhi would be an ideal market for its co-living brand. However, he said they have to convince their local partners in India to see how their Singapore concept would work in India.
In North India, Ascott has tied up with developer Paras Buildtech to open a 94-room serviced apartment called Citadines Paras Square Gurugram. Kunal Rishi, COO of Paras Buildtech said that their property caters directly to the evolving needs of Gurugram's booming Global Capability Centre (GCC) and technology hub clientele.
Long-term lodging is also being provided by the firm. Miccolis added that the whole spectrum of hospitality, from service residences to hotels, senior accommodations, and even student accommodations is being covered by Ascott. For the serviced apartments, tier-two cities are also being looked at.
Miccolis stated "India is a key driver of our global growth footprint". On these lines, he mentioned that another property in Gurugram is being planned to be opened soon as office employees are returning and rooms are often being booked for executives by companies.
In summary, Ascott is pursuing an ambitious expansion strategy in India across multiple hospitality segments. It also sees significant potential for its co-living brand in the large Indian market. With rising business travel and return of office employees, Ascott is well-positioned to capture demand from corporate clients and emerge as a major player in India's dynamic hospitality industry.
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