The Ascott Limited (Ascott), a wholly owned lodging business unit of CapitaLand Investment Limited (CLI), has set a goal of signing 150 properties with over 30,000 units under its lyf coliving brand by 2030. The announcement was made at the official launch of lyf one-north Singapore, which was officiated by the Guest-of-Honour Mr Alvin Tan, Singapore’s Minister of State for the Ministry of Culture, Community and Youth, and Ministry of Trade and Industry.
The 324-unit lyf one-north Singapore will be a vital element of one-north, Singapore’s research and innovation centre, and will be owned by Ascott’s sponsored hospitality trust, Ascott Residence Trust (ART). Many creative start-ups, research and development organizations, as well as high-tech and media enterprises, are located nearby, and the property helps to suit their coliving needs while infusing more energy into the region through its experiential programs and placemaking activities.
lyf (pronounced “life”), or “live your freedom,” is a new hotel concept aimed for millennials. lyf properties’ residences, communal spaces, and experience programs are all meant to help visitors form bonds and foster a strong feeling of community.
Ascott now operates 17 lyf coliving complexes in 14 cities across nine countries, totaling over 3,200 apartments.
Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, said: “A unique lodging product in a class of its own, Ascott developed lyf as a solution that combines the best of serviced residences, hotels and coliving apartments. We have opened seven lyf properties in Singapore, China, Japan and Thailand to date. Our first lyf property – lyf Funan Singapore achieved an 80% occupancy level within three months of its opening in September 2019. lyf one-north Singapore welcomed our first guest in November 2021, and we have already achieved a strong occupancy rate of above 85% today. We see the potential to expand our lyf portfolio to 150 properties by 2030. In addition to growing the lyf brand via management contracts, we also see attractive opportunities for our private funds and Ascott Residence Trust to deploy more investments into this product class.”
The Ascott Serviced Residence Global Fund presently owns two lyf-branded coliving properties: lyf Funan Singapore and lyf Gambetta Paris, which is set to open in 2023 and will be Ascott’s first lyf-branded property in Europe.
Mr Goh added: “lyf as a digitally-enabled coliving concept continues to resonate well with our guests and partners across the world with new signings and property openings being on track despite COVID-19. The pandemic has spurred a new way to live and work. We see more digital nomads and self-starters preferring to work remotely, demanding novel experiences and opportunities to connect. The lyf brand, with its coliving spaces and innovative in-house activities, offers something that is hard to quantify – the community of like-minded individuals at one’s doorstep and social interactions with one’s neighbours. From its fully-furnished apartments, the welcoming environment to the genuine connection shared amongst our guests, lyf is thoughtfully designed and curated to meet the needs of these next-generation guests.”
What’s next for lyf
In February 2022, lyf Hongqiao Shanghai and lyf Farrer Park Singapore opened its doors shortly after lyf one-north Singapore. lyf Hongqiao Shanghai is surrounded by iconic monuments, notable scenic sites, and a range of eateries in the Hongqiao Central Business District, while lyf Farrer Park Singapore is in one of Singapore’s most culturally rich neighborhoods.
Five lyf properties are set to open in 2022 in key gateway cities throughout the world, including Bangkok, Cebu, Kuala Lumpur, Melbourne, and Xi’an. By 2025, five more lyf hotels are expected to operate in Beijing, Danang, Ho Chi Minh City, Manila, and Paris.