SINGAPORE (Oct 6): Prime Minister Lee Hsien Loong on Wednesday visited CapitaLand’s The Celebration Mall, Udaipur, as the real estate group celebrated its 10th year in India.

To mark the occasion, CapitaLand announced plans to open two more malls in India, over the next three years. The two upcoming malls — Forum, Mysore and Forum, Cochin — will be opened next year and in 2019, respectively.

“In Asia, India is the next big retail prize after China,” says Jason Leow, CEO of CapitaLand Mall Asia, CapitaLand’s wholly-owned shopping mall business. “As one of Asia’s leading shopping mall developers, owners and managers, we are able to leverage our retail expertise and industry leading network of about 15,000 leases to support local and international retailers who are keen to do business in India.”

In addition, CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, announced it has secured a contract with Sandhya Hotels to manage three new serviced residences in India.

The upcoming Citadines Financial District Hyderabad, Citadines Sri City and Somerset Bellandur Bangalore will strengthen Ascott’s leading position as the largest international serviced residence operator in India, with 10 properties across seven cities, with more than 1,800 units.

“India attracted over US$39 billion (S$53 billion) worth of foreign investments in 2015, a 37% increase compared with 2014,” says Lee Chee Koon, CEO, Ascott. “India’s fast-growing economy, increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott.”

“Our strategy for India is to expand in high-growth cities, where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers,” Lee adds.

“Specifically, India has been looking to tap Singapore’s experience in urban planning, as it plans to upgrade and build 100 cities,” says CapitaLand President and Group CEO Lim Ming Yan. “India thus presents opportunities for CapitaLand to share our expertise in real estate development and management.”

Shares of CapitaLand closed 0.6% lower at S$3.17 on Wednesday.