Bengaluru (Karnataka) [India], November 26 (ANI/BusinessWire India): With a future-forward vision to liberate real estate and make co-living accessible to millennials and migrants, Olive by Embassy, the co-living and student housing brand by the Embassy Group, today launched its asset light management business named - Olive Residences. With a twofold membership approach, one can choose their primary residence location in the city and gain access to member partner escape locations, as well as the exclusive Olive Club on a "pay as you go" system.
Olive Residences has launched its first property in Koramangala, available for immediate occupancy as 1 BHK residences and two more properties in Magrath Road and Indiranagar, Bangalore to be ready in the next 3 months. Olive Residences will take up residential buildings and hotels under a management agreement in the central locations of metro cities, across India. With state-of-the-art amenities and services, the serviced apartments will go beyond just offering vibrant living spaces, by bringing together a lively community of diverse cultures, backgrounds and walks of life. These fully serviced, all-inclusive accommodations will feature a rooftop terrace with a lounge, bar, yoga deck, fitness and a gaming area. At the city center escape location, the Olive club at the rooftop of WeWork Galaxy on Residency Road, Bangalore, members will have access to a roof top swimming pool, gym and many more high-end amenities. Additionally, members will receive complimentary benefits at the growing network of Embassy Leisure venues such as Sanchez, Sriracha, Shiros, Hard Rock Cafe as well as the Embassy International Riding school. Olive Residence units will be priced starting at Rs. 16,500 onwards.
With optimistic growth plans, Olive Residences aims to reach 100 buildings spread across the country by the end of 2021.
"Olive will be the world's first private residence club for millennials based on sharing economy. The idea behind it is "why have one address when you can have ten or more"! People love change and we at Olive, wanted to offer diverse and interesting experiences to today's generation. Having a primary residence and access to multiple escape locations will be a welcome change, adding to a fun and exciting lifestyle for the young millennials. To ensure a fair and reasonable pricing mechanism, the pay as you go system ensures that our residents only pay for the amenities used, with no hidden charges. We are very excited to introduce this new innovative concept in the market and are confident that this will also bring in the much-needed standardization to the serviced apartment sector," said KahramanYigit, Co-founder and CEO, Olive by Embassy, while explaining about Olive Residences.
Earlier this year, the Embassy group launched Olive by Embassy, the purpose built co-living facilities with an aim to enhance the lifestyle of young working professional and students by offering community living and a walk to work commute. A market leader in commercial and residential spaces, Embassy Group will target students from colleges and working professionals employed with multinational companies in organized Grade A Business parks across major cities namely Bangalore, Pune, Hyderabad, Delhi NCR, Mumbai, and Chennai. The plan is to target 100,000 owned and operated beds over the next few years.
Olive Residences launched today, is a sub-brand of Olive by Embassy that will only manage and operate existing residential building and hotels in partnership with owners, for a performance-based management fee. This asset light model will help enhance the reach and value, while providing a migrant solution to the industry.
"We are happy to announce our foray into a new segment, offering migrant solutions for millennials and building/hotel owners. The pandemic has enhanced the need for flexibility, secure living and the importance of communities. All our facilities are envisioned to meet these needs and the growing aspirations of the millennials. Our purpose-built portfolio at Olive co-living are planned in and around our Business Parks and Olive Residences will be complementary to our business, with city centric locations where demand is high, land is scarce and expensive. This asset light business model allows us to maximize returns for building owners by 30-40 per cent higher than other operators," said Aditya Virwani, COO, Embassy Group, while talking about foraying into the new asset light management business.
Olive Residences will offer integrated solutions to the building owners by facilitating third party financing for the cost of refurbishing, brand licensing, introducing cutting age technology, and operations with high levels of service and standardization.
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