Olive by Embassy launches Asset Light Management Business under brand 'Olive Residences'
/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 Café as well as the Embassy International Riding school. Olive Residence units will be priced starting at INR 16,500 onwards.
With optimistic growth plans, Olive Residences aims to reach 100 buildings spread across the country by the end of 2021.
Explaining about Olive Residences, Mr. Kahraman Yigit, Co-Founder and CEO, Olive by Embassy said, “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”
