Indian property giant Embassy Group is jointly developing a senior living community in Bengaluru with US builder Columbia Pacific Group, adding another partnership to Embassy’s list of tie-ups with international institutions.
The project, dubbed Serene Amara, will be the 11th senior living community in India by Columbia Pacific Communities, a unit of the Seattle-based group, and its first joint venture development with the Embassy conglomerate controlled by chairman Jitu Virwani.
Situated at Embassy Springs, a planned city spread across 288 acres (116.5 hectares) in Bengaluru, Serene Amara will comprise 239 residences across 17 floors on a 2.4 acre property. The combined investment for the project is INR 165 crore ($20 million).
“We are proud to team up with Columbia Pacific Communities for our first project in the senior living sector, a new asset class for Embassy Group,” chief operating officer Aditya Virwani said in a release. “Combining our expertise, strength and abilities to meet the requirements of this growing but vital segment, Serene Amara by Columbia Pacific will appeal to seniors with an appreciation for a healthier lifestyle and thriving community in the privacy of their own home.”
Sales Launch This Year
Designed by architect Venkataramanan Associates, Serene Amara will launch this year with units priced between INR 60 lakh and INR 1.48 crore ($72,700 and $179,300). Amenities will include a gym, reading lounge, indoor game room and spa, as well as services providing food, housekeeping and 24-hour assistance and medical care.
Columbia Pacific Communities has 1,750 residential units under management in five cities and 10 locations across southern India. The parent group, founded by entrepreneur Dan Baty, has also developed senior living communities in China through a subsidiary whose backers include Hong Kong-based Swire Pacific.
In 2020, Embassy Group and Columbia Pacific announced a 50:50 joint venture under which they would invest INR 1,000 crore across multiple projects to build 1 million square feet (92,903 square metres) of senior living facilities over five years.
“With the two experts coming together, our aim is to develop world-class senior living communities in India with fully serviced residences designed to international standards,” said Mohit Nirula, chief executive of Columbia Pacific Communities.
Embassy Group’s real estate empire spans 62 million square feet of commercial, residential, retail, hospitality and educational space across India, Serbia and Malaysia.
The group co-sponsored Embassy Office Parks REIT, India’s first REIT, with US investment giant Blackstone, which is reportedly looking to sell a stake worth up to $400 million in the trust.
In 2021, Blackstone acquired Embassy Industrial Parks, a joint venture of rival Warburg Pincus and the Indian group, for an undisclosed sum. That same year, Embassy launched a $500 million office development platform with Canada’s Ivanhoe Cambridge, but the plan was later shelved.