Released on: April 28, 2008, 1:24 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: The Ascott Group (Ascott) has acquired its first serviced
residence with 220 units in Ahmedabad. The investment is a joint venture with The
Rattha Group (Rattha), a company in the field of exports, infrastructure development
and leasing.

Press Release Body: The Ascott Group (Ascott) has acquired its first serviced
residence with 220 units in Ahmedabad. The investment is a joint venture with The
Rattha Group (Rattha), a company in the field of exports, infrastructure development
and leasing. Ascott has invested INR 257.2 million (approximately S$9.1 million) for
the project and will take a 40% stake in the joint venture, with Rattha holding the
remaining. With the latest addition, Ascott\'s portfolio in India grows to 1,398
units across six properties which are currently under development.Ms Jennie Chua,
Ascott\'s President & CEO said:

\"Citadines Ahmedabad Parimal Garden marks our entry into West India and extends our
footprint beyond the southern cities of Bangalore, Chennai and Hyderabad.\"Citadines
Ahmedabad Parimal Garden is slated to open in the first half of 2011.Besides
Citadines Ahmedabad Parimal Garden, Ascott\'s other serviced residences in India are
Somerset Whitefield in Bangalore; Somerset Greenways, Citadines Boulevard and
Citadines OMR Gateway in Chennai; and Citadines Hitec City in Hyderabad........
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