Ascott Opens Its First Somerset Serviced Residence In India - Somerset Greenways Chennai

Strategically located in MRC Nagar, Somerset Greenways Chennai is a 10-minute drive from the central business district of Chennai End Quote

(1888PressRelease) October 05, 2011 - CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), continues to expand its presence in India with the soft opening of its first Somerset brand of serviced residence in the country. The debut of the 187-unit Somerset Greenways Chennai follows the company's recent opening of the 96-unit Citadines Richmond Bangalore. Somerset Greenways Chennai is a joint venture between Ascott and Rattha Group, a company in the field of infrastructure development, leasing and exports in India.

Mr Ronald Tay, Ascott's Chief Investment Officer who oversees the company's business in India, said: "India is an important market for Ascott. There is a huge untapped demand but limited supply of serviced residences to cater to the increasing number of expatriates and travellers. We target to have 4,000 apartment units in India by 2015. Our strategy is to expand in the high growth cities with strong demand for international-class serviced residences. Chennai is one of the key cities in our India network as it is a major automobile manufacturing and business process outsourcing destination for IT and IT-enabled services. The new Somerset Greenways Chennai offers business executives who are travelling with their families the warmth of home and work-life balance through its wide range of lifestyle and recreational facilities."

Mr H.S. Rattha, Chairman, Rattha Group of Companies, said: "The concept of serviced residences which are available for long and short stays is still relatively new in Chennai. Chennai offers one of the best infrastructures in India and it is attracting many multinational companies to set up offices in the city. Hence, we see strong growth potential for serviced residences. Ascott is the world's largest international owner and operator of serviced residences with award-winning brands. By partnering with Ascott to open Somerset Greenways Chennai, we aim to bring international standards to the serviced residence segment in India and set a benchmark for the industry."

Strategically located in MRC Nagar, Somerset Greenways Chennai is a 10-minute drive from the central business district of Chennai where international banks, financial institutions and multinational companies are located. The serviced residence is close to commercial centres, leisure and entertainment hubs which feature retail stores offering exclusive international brands, ¬fine dining restaurants, food courts and multiplexes.

Somerset Greenways Chennai offers a range of stylish studios, one- and two-bedroom apartments as well as a three-bedroom apartment. Each apartment features a fully-equipped kitchen, separate living room and state-of-the-art home entertainment system. The extensive facilities include an in¬finity swimming pool and roof top Jacuzzi amidst a landscaped garden, a gymnasium, steam room, sauna, two restaurants that serve international cuisine, a lounge bar and a business centre with efficient support services. Residents can entertain their friends in the privacy of their spacious apartments or enjoy a barbecue at the roof top garden with their family while their children have fun at the play area.

Rates start at INR 8,000 per night for a studio apartment. Attractive monthly rates are also available for long stays. The rates are subject to taxes and include daily buffet breakfast, one-way airport transfer, welcome hamper, complimentary broadband Internet access, daily newspaper and daily shuttle service to Chennai's largest shopping mall, Express Avenue mall.

Besides Somerset Greenways Chennai and Citadines Richmond Bangalore, Ascott has five other serviced residences with more than 1,100 apartment units under development in India. The five properties are scheduled to open progressively in Chennai (300-unit Citadines OMR Gateway), Ahmedabad, Bangalore (two properties) and Hyderabad by 2015. In total, Ascott's seven properties in India will have over 1,400 apartment units and will cost more than US$250 million (INR 1,125 crores) when fully developed.

For reservations and more information on Somerset Greenways Chennai, please visit www.somerset.com/en/india/chennai/somerset_greenways.html, email enquiry.chennai ( @ ) the-ascott dot com or call (91-44) 7101 0000.

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