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Embassy Group launches asset light management business Olive Residences

Wednesday, 25 Nov 2020
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Olive by Embassy, the co-living and student housing brand by the Embassy Group, 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. It will be the world’s first private residence club for millennials based on sharing economy. 
Olive Residences has launched its first property in Koramangala, available for immediate occupancy as one BHK residences and two more properties in Magrath Road and Indiranagar, Bengaluru, Karnataka, to be ready in the next three months. 
Olive Residences will take up residential buildings and hotels under a management agreement in central locations of metro cities across the country. 
The all-inclusive accommodations will feature a rooftop terrace with a lounge, bar, yoga deck, fitness and gaming area. 
The Olive club at the rooftop of WeWork Galaxy on Residency Road, members will have access to a rooftop swimming pool, gym and more high-end amenities. Additionally, members will receive complimentary benefits at the network of Embassy Leisure venues such as Sanchez, Sriracha, Shiros, Hard Rock Café as well as the Embassy International Riding School. 
Olive Residences is a sub-brand of Olive by Embassy that will only manage and operate the existing residential buildings and hotels in partnership with owners for a performance-based management fee. 
Olive Residence units will be priced starting at Rs 16,500 onwards. It aims to reach 100 buildings spread across the country by the end of 2021. 
The Embassy Group had launched Olive by Embassy, the purpose built co-living facilities, to enhance the lifestyle of young working professional and students by offering community living and a walk-to-work commute. 
Embassy Group will target students from colleges and working professionals employed with multinational companies in organised Grade-A business parks across major cities such as Bengaluru, Pune, Hyderabad, Delhi NCR, Mumbai and Chennai. The plan is to target 1,00,000 owned and operated beds over the next few years.
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