The Ascott Limited (Ascott), a wholly-owned serviced residence business unit of CapitaLand, has appointed Vincent Wee as Managing Director for India and the Gulf Cooperation Council (GCC) countries. The company has also announced the appointment of Rohan Sable as General Manager of the 187-unit Somerset Greenways in Chennai, the company’s first Somerset brand of serviced residence in India.
Wee will be responsible for developing growth strategies and managing Ascott's business in these regions. At present,
Wee is concurrently the Deputy Chief Executive Officer of Ascott Residence Trust Management Limited (ARTML). Wee said, "India is a key market with huge demand but has limited supply of quality serviced residences. With FDI expected to more than double from US$26 billion in 2011 to US$55 billion in 2015 and a resultant increase in international tourist arrivals, there will be an acute shortage of quality accommodation.” In 2011, Ascott opened its first two properties Citadines Richmond Bangalore and Somerset Greenways Chennai with a total of 283 units in India. Five more properties with over 1,100 units are scheduled to open in Ahmedabad, Bangalore, Chennai and Hyderabad over the next 3 - 4 years. The company plans to grow from its current portfolio of over 1,400 apartment units to 4,000 apartment units in India by 2015."Our strategy for India is to expand in high growth cities with strong demand for international-class serviced residences. We are also looking at extending our footprint to other cities across India like Mumbai, New Delhi and Pune," Vincent Wee added. Wee has over 18 years of experience in the real estate industry. Prior to joining ARTML in July 2011, he was with Australand Property Group, the Australian Stock Exchange listed subsidiary of CapitaLand where he held various senior executive positions including General Manager, Risk, Acquisitions and Commercial Operations. He was in charge of growing Australand's business with new acquisitions, managing multiple joint venture partners' relationships for residential projects across Australia as well as mitigating the residential division's business risks.
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Wee is concurrently the Deputy Chief Executive Officer of Ascott Residence Trust Management Limited (ARTML). Wee said, "India is a key market with huge demand but has limited supply of quality serviced residences. With FDI expected to more than double from US$26 billion in 2011 to US$55 billion in 2015 and a resultant increase in international tourist arrivals, there will be an acute shortage of quality accommodation.” In 2011, Ascott opened its first two properties Citadines Richmond Bangalore and Somerset Greenways Chennai with a total of 283 units in India. Five more properties with over 1,100 units are scheduled to open in Ahmedabad, Bangalore, Chennai and Hyderabad over the next 3 - 4 years. The company plans to grow from its current portfolio of over 1,400 apartment units to 4,000 apartment units in India by 2015."Our strategy for India is to expand in high growth cities with strong demand for international-class serviced residences. We are also looking at extending our footprint to other cities across India like Mumbai, New Delhi and Pune," Vincent Wee added. Wee has over 18 years of experience in the real estate industry. Prior to joining ARTML in July 2011, he was with Australand Property Group, the Australian Stock Exchange listed subsidiary of CapitaLand where he held various senior executive positions including General Manager, Risk, Acquisitions and Commercial Operations. He was in charge of growing Australand's business with new acquisitions, managing multiple joint venture partners' relationships for residential projects across Australia as well as mitigating the residential division's business risks.
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